Public Service Enterprise Group Incorporated Declares Quarterly Dividend of $0.57 (NYSE:PEG)

Public Service Enterprise Group Incorporated (NYSE:PEG) declared a quarterly dividend on Tuesday, November 21st, RTT News reports. Shareholders of record on Friday, December 8th will be paid a dividend of 0.57 per share by the utilities provider on Friday, December 29th. This represents a $2.28 annualized dividend and a yield of 3.56%.

Public Service Enterprise Group has raised its dividend payment by an average of 4.7% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Public Service Enterprise Group has a dividend payout ratio of 61.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Public Service Enterprise Group to earn $3.66 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 62.3%.

Public Service Enterprise Group Stock Up 0.4 %

Shares of NYSE PEG opened at $64.01 on Tuesday. The stock has a market cap of $31.90 billion, a P/E ratio of 11.41, a PEG ratio of 3.72 and a beta of 0.60. The business’s fifty day simple moving average is $60.40 and its 200-day simple moving average is $61.36. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $65.46. The company has a current ratio of 0.63, a quick ratio of 0.45 and a debt-to-equity ratio of 1.12.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.10. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.42 billion. Public Service Enterprise Group had a return on equity of 12.20% and a net margin of 23.83%. As a group, equities analysts predict that Public Service Enterprise Group will post 3.45 EPS for the current fiscal year.

Analyst Ratings Changes

PEG has been the subject of a number of recent research reports. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Guggenheim dropped their target price on Public Service Enterprise Group from $70.00 to $64.00 in a report on Monday, October 9th. Barclays lifted their price target on Public Service Enterprise Group from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, November 2nd. UBS Group dropped their price objective on Public Service Enterprise Group from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, October 4th. Finally, StockNews.com cut Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $64.05.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 4,122 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $63.00, for a total value of $259,686.00. Following the completion of the sale, the chief executive officer now directly owns 112,076 shares of the company’s stock, valued at $7,060,788. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 4,522 shares of company stock valued at $283,500 over the last quarter. Company insiders own 0.57% of the company’s stock.

Institutional Trading of Public Service Enterprise Group

Institutional investors and hedge funds have recently bought and sold shares of the business. IFP Advisors Inc grew its holdings in shares of Public Service Enterprise Group by 14.2% during the second quarter. IFP Advisors Inc now owns 1,418 shares of the utilities provider’s stock worth $89,000 after buying an additional 176 shares during the last quarter. Apollon Wealth Management LLC grew its stake in shares of Public Service Enterprise Group by 2.4% in the 1st quarter. Apollon Wealth Management LLC now owns 8,465 shares of the utilities provider’s stock valued at $529,000 after purchasing an additional 198 shares during the last quarter. Stephens Inc. AR increased its holdings in shares of Public Service Enterprise Group by 0.7% in the second quarter. Stephens Inc. AR now owns 31,318 shares of the utilities provider’s stock valued at $1,961,000 after purchasing an additional 219 shares during the period. Wetherby Asset Management Inc. raised its stake in shares of Public Service Enterprise Group by 2.3% during the first quarter. Wetherby Asset Management Inc. now owns 10,232 shares of the utilities provider’s stock worth $639,000 after purchasing an additional 228 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in shares of Public Service Enterprise Group by 7.5% during the first quarter. D.A. Davidson & CO. now owns 3,657 shares of the utilities provider’s stock worth $256,000 after purchasing an additional 256 shares during the period. Hedge funds and other institutional investors own 72.28% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.