Public Service Enterprise Group Incorporated (NYSE:PEG) Plans $0.60 Quarterly Dividend

Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Tuesday, April 16th, Wall Street Journal reports. Stockholders of record on Friday, June 7th will be given a dividend of 0.60 per share by the utilities provider on Friday, June 28th. This represents a $2.40 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, June 7th.

Public Service Enterprise Group has raised 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 payout ratio of 56.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Public Service Enterprise Group to earn $3.97 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 57.4%.

Public Service Enterprise Group Stock Up 1.2 %

PEG stock opened at $65.03 on Thursday. Public Service Enterprise Group has a one year low of $53.71 and a one year high of $67.51. The firm has a market cap of $32.42 billion, a PE ratio of 12.68, a PEG ratio of 2.81 and a beta of 0.58. The firm’s 50 day moving average price is $63.55 and its 200-day moving average price is $61.82. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter in the previous year, the business earned $0.64 earnings per share. The company’s revenue for the quarter was down 17.0% on a year-over-year basis. On average, equities research analysts anticipate that Public Service Enterprise Group will post 3.66 EPS for the current year.

Wall Street Analysts Forecast Growth

PEG has been the topic of a number of recent analyst reports. Royal Bank of Canada upped their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Barclays increased their price objective on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday. TheStreet upgraded shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. Guggenheim cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target on the stock. in a research note on Monday, January 22nd. Finally, BMO Capital Markets dropped their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research note on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.58.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $66.37, for a total transaction of $91,192.38. Following the sale, the chief executive officer now owns 152,347 shares in the company, valued at approximately $10,111,270.39. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the completion of the transaction, the chief executive officer now owns 152,347 shares in the company, valued at approximately $10,111,270.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the transaction, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,948 shares of company stock worth $510,300. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Public Service Enterprise Group

A number of large investors have recently modified their holdings of PEG. Clear Street Markets LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $31,000. ICA Group Wealth Management LLC acquired a new position in shares of Public Service Enterprise Group during the 4th quarter worth about $31,000. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Public Service Enterprise Group by 270.3% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 685 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 500 shares during the last quarter. Harbour Investments Inc. raised its position in shares of Public Service Enterprise Group by 100.5% during the 1st quarter. Harbour Investments Inc. now owns 802 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 402 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Public Service Enterprise Group during the first quarter worth approximately $82,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

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.