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

Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Wednesday, April 17th, Wall Street Journal reports. Stockholders of record on Friday, June 7th will be paid 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% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Public Service Enterprise Group has a payout ratio of 56.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 1.3 %

NYSE:PEG traded up $0.83 during midday trading on Wednesday, reaching $65.11. 1,071,705 shares of the stock traded hands, compared to its average volume of 2,839,500. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $67.51. The business has a 50-day moving average of $63.43 and a two-hundred day moving average of $61.80. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. The stock has a market capitalization of $32.46 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 2.85 and a beta of 0.58.

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 net margin of 22.81% and a return on equity of 11.53%. The company had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.45 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 17.0% compared to the same quarter last year. On average, equities analysts forecast that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,948 shares of company stock valued at $510,300 over the last ninety days. Corporate insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of institutional investors and hedge funds have recently bought and sold shares of PEG. Clear Street Markets LLC purchased a new position in Public Service Enterprise Group during the fourth quarter worth about $31,000. ICA Group Wealth Management LLC purchased a new position in Public Service Enterprise Group during the fourth quarter worth about $31,000. Bartlett & CO. Wealth Management LLC raised its stake in Public Service Enterprise Group by 270.3% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 685 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 500 shares during the period. Harbour Investments Inc. raised its stake in Public Service Enterprise Group by 100.5% during the first quarter. Harbour Investments Inc. now owns 802 shares of the utilities provider’s stock worth $50,000 after purchasing an additional 402 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Public Service Enterprise Group during the first quarter worth about $82,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PEG shares. BMO Capital Markets cut their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 27th. TheStreet upgraded shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. Royal Bank of Canada increased their price objective on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note 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 note on Monday. Finally, Wells Fargo & Company increased their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.58.

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.