Public Service Enterprise Group Incorporated (NYSE:PEG) to Issue Quarterly Dividend of $0.60

Public Service Enterprise Group Incorporated (NYSE:PEG) declared a quarterly dividend on Tuesday, November 19th,RTT News reports. Investors of record on Tuesday, December 10th will be given a dividend of 0.60 per share by the utilities provider on Tuesday, December 31st. This represents a $2.40 dividend on an annualized basis and a yield of 2.67%.

Public Service Enterprise Group has increased its dividend payment by an average of 5.2% per year over the last three years and has raised its dividend every year for the last 13 years. Public Service Enterprise Group has a dividend payout ratio of 59.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Public Service Enterprise Group to earn $4.07 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 59.0%.

Public Service Enterprise Group Stock Performance

NYSE:PEG traded down $0.29 during midday trading on Wednesday, reaching $89.80. 74,547 shares of the company traded hands, compared to its average volume of 2,764,135. Public Service Enterprise Group has a twelve month low of $56.85 and a twelve month high of $92.20. The firm has a market capitalization of $44.74 billion, a price-to-earnings ratio of 22.14, a price-to-earnings-growth ratio of 3.27 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The company has a fifty day moving average price of $87.87 and a 200 day moving average price of $80.31.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the firm posted $0.85 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts expect that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. UBS Group lifted their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 target price on the stock. Barclays cut their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Finally, Evercore ISI lifted their target price on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.69.

Insider Transactions at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 5,900 shares of Public Service Enterprise Group stock in a transaction on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. The trade was a 18.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the transaction, the executive vice president now owns 48,397 shares in the company, valued at $4,385,252.17. The trade was a 16.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,783 shares of company stock valued at $2,381,626. Corporate insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.