Public Service Enterprise Group Inc. (NYSE:PEG) announced a quarterly dividend on Tuesday, April 16th, RTT News reports. Stockholders of record on Friday, June 7th will be given a dividend of 0.47 per share by the utilities provider on Friday, June 28th. This represents a $1.88 annualized dividend and a dividend yield of 3.20%.
Public Service Enterprise Group has raised its dividend payment by an average of 4.9% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Public Service Enterprise Group has a dividend payout ratio of 60.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Public Service Enterprise Group to earn $3.50 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 53.7%.
NYSE:PEG opened at $58.75 on Wednesday. The company has a quick ratio of 0.53, a current ratio of 0.71 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $30.29 billion, a PE ratio of 18.83, a P/E/G ratio of 2.95 and a beta of 0.41. Public Service Enterprise Group has a one year low of $49.02 and a one year high of $60.36.
Several equities research analysts have recently commented on PEG shares. Mizuho upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $52.50 price objective for the company in a research note on Thursday, January 17th. Deutsche Bank lowered Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 price objective for the company. in a research note on Thursday, February 28th. Wolfe Research upgraded Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 22nd. Wells Fargo & Co upped their price objective on Public Service Enterprise Group from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, February 28th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Tuesday, January 15th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $59.10.
In related news, Chairman Ralph Izzo sold 52,407 shares of the company’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $54.31, for a total value of $2,846,224.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Tamara Louise Linde sold 13,535 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $60.04, for a total transaction of $812,641.40. Following the completion of the transaction, the executive vice president now directly owns 49,909 shares of the company’s stock, valued at approximately $2,996,536.36. The disclosure for this sale can be found here. Insiders sold a total of 176,755 shares of company stock valued at $10,174,717 in the last ninety days. 0.51% of the stock is currently owned by insiders.
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About Public Service Enterprise Group
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and 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 to customers.
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