Public Service Enterprise Group Incorporated (PEG) Plans $0.43 Quarterly Dividend
Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Tuesday, July 18th, RTT News reports. Stockholders of record on Friday, September 8th will be given a dividend of 0.43 per share by the utilities provider on Friday, September 29th. This represents a $1.72 annualized dividend and a dividend yield of 3.98%.
Public Service Enterprise Group has decreased its dividend by an average of 5.1% annually over the last three years and has raised its dividend every year for the last 5 years. Public Service Enterprise Group has a payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Public Service Enterprise Group to earn $2.92 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 58.9%.
Public Service Enterprise Group (NYSE:PEG) traded up 0.150% during midday trading on Tuesday, hitting $43.295. The stock had a trading volume of 675,541 shares. The firm has a 50-day moving average of $44.08 and a 200-day moving average of $44.12. Public Service Enterprise Group has a 12-month low of $39.28 and a 12-month high of $46.68. The company has a market cap of $21.90 billion, a PE ratio of 41.630 and a beta of 0.38.
Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Friday, April 28th. The utilities provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.08. Public Service Enterprise Group had a return on equity of 11.17% and a net margin of 5.86%. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. Equities research analysts forecast that Public Service Enterprise Group will post $2.90 EPS for the current year.
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PEG has been the topic of several analyst reports. Mizuho initiated coverage on Public Service Enterprise Group in a research note on Wednesday, April 19th. They issued a “neutral” rating and a $44.50 price objective on the stock. Deutsche Bank AG reduced their price objective on Public Service Enterprise Group from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, April 11th. Barclays PLC increased their target price on Public Service Enterprise Group from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) reissued a “buy” rating on shares of Public Service Enterprise Group in a report on Tuesday, June 27th. Finally, BidaskClub lowered Public Service Enterprise Group from a “sell” rating to a “strong sell” rating in a report on Saturday, June 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $47.10.
In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 24,021 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $43.55, for a total value of $1,046,114.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Ralph Izzo sold 30,000 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $43.82, for a total transaction of $1,314,600.00. Following the completion of the sale, the chairman now directly owns 748,691 shares of the company’s stock, valued at $32,807,639.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,021 shares of company stock valued at $3,733,335. Insiders own 0.61% of the company’s stock.
Public Service Enterprise Group Company Profile
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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