Public Service Enterprise Group Inc. (NYSE:PEG) declared a quarterly dividend on Tuesday, February 20th, RTT News reports. Shareholders of record on Thursday, March 8th will be paid a dividend of 0.45 per share by the utilities provider on Friday, March 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.66%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.43.
Public Service Enterprise Group has raised its dividend by an average of 5.1% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Public Service Enterprise Group has a payout ratio of 58.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Public Service Enterprise Group to earn $3.13 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 55.0%.
Public Service Enterprise Group (NYSE:PEG) traded down $0.28 during trading hours on Tuesday, hitting $49.15. 1,125,088 shares of the stock were exchanged, compared to its average volume of 3,668,651. Public Service Enterprise Group has a 1 year low of $41.67 and a 1 year high of $53.28. The company has a current ratio of 0.80, a quick ratio of 0.56 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $25,013.50, a PE ratio of 47.99, a price-to-earnings-growth ratio of 4.19 and a beta of 0.39.
Several research firms have weighed in on PEG. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 13th. Bank of America began coverage on shares of Public Service Enterprise Group in a research report on Tuesday, October 24th. They set a “neutral” rating and a $49.00 price objective on the stock. Zacks Investment Research downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Monday. Mizuho cut shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating in a research note on Monday, February 5th. They noted that the move was a valuation call. Finally, Macquarie raised shares of Public Service Enterprise Group from a “neutral” rating to an “outperform” rating in a research note on Monday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $51.04.
In related news, Chairman Ralph Izzo sold 20,833 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $52.90, for a total value of $1,102,065.70. Following the sale, the chairman now owns 687,600 shares of the company’s stock, valued at $36,374,040. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 62,499 shares of company stock worth $3,232,240. 0.61% of the stock is owned by corporate insiders.
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About Public Service Enterprise Group
Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.
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