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

Public Service Enterprise Group Incorporated (NYSE:PEG) declared a quarterly dividend on Tuesday, November 19th,RTT News reports. Stockholders 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 dividend yield of 2.70%.

Public Service Enterprise Group has increased its dividend by an average of 5.2% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Public Service Enterprise Group has a payout ratio of 59.0% indicating that its dividend is sufficiently covered by earnings. 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

PEG stock traded down $0.69 during trading on Tuesday, reaching $88.74. 119,783 shares of the company’s stock were exchanged, compared to its average volume of 2,766,161. Public Service Enterprise Group has a 1-year low of $56.85 and a 1-year high of $92.20. The firm has a market cap of $44.21 billion, a PE ratio of 21.97, a P/E/G ratio of 3.27 and a beta of 0.61. The company’s fifty day moving average price is $87.68 and its 200-day moving average price is $80.17. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

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

Analysts Set New Price Targets

PEG has been the topic of several research reports. Evercore ISI raised their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Morgan Stanley upped their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. UBS Group lifted their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Finally, BMO Capital Markets raised their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $86.69.

Insider Activity

In related news, SVP Richard T. Thigpen sold 5,900 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. This represents a 18.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The trade was a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,783 shares of company stock worth $2,381,626 in the last quarter. Corporate insiders own 0.18% of the company’s stock.

About Public Service Enterprise Group

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.