Public Service Enterprise Group Incorporated (PEG) to Issue Quarterly Dividend of $0.60 on June 28th

Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Tuesday, April 16th, Wall Street Journal reports. Shareholders of record on Friday, June 7th will be given a dividend of 0.60 per share by the utilities provider on Friday, June 28th. This represents a $2.40 annualized dividend and a 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 every year for the last 13 years. Public Service Enterprise Group has a dividend payout ratio of 56.9% meaning its dividend is sufficiently covered by earnings. Research 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 Performance

NYSE PEG opened at $65.03 on Thursday. Public Service Enterprise Group has a 1 year low of $53.71 and a 1 year high of $67.51. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The stock has a market capitalization of $32.42 billion, a PE ratio of 12.68, a P/E/G ratio of 2.81 and a beta of 0.58. The company’s 50 day simple moving average is $63.55 and its two-hundred day simple moving average is $61.82.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.45 billion. During the same period in the prior year, the company posted $0.64 EPS. The business’s revenue for the quarter was down 17.0% compared to the same quarter last year. Analysts predict that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PEG has been the topic of a number of research analyst reports. BMO Capital Markets decreased 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 report on Tuesday, February 27th. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price target (up previously from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. Evercore ISI increased their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Barclays increased their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Wells Fargo & Company increased their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average price target of $67.58.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the transaction, the chief executive officer now owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the sale, the chief executive officer now directly owns 152,347 shares in the company, valued at approximately $10,111,270.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,948 shares of company stock valued at $510,300. Insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Public Service Enterprise Group

A number of large investors have recently added to or reduced their stakes in PEG. Clear Street Markets LLC bought a new stake in Public Service Enterprise Group in the 4th quarter worth $31,000. ICA Group Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $31,000. Bartlett & CO. Wealth Management LLC lifted its position in shares of Public Service Enterprise Group by 270.3% in the 4th 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. lifted its position in shares of Public Service Enterprise Group by 100.5% in the 1st 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 stake in shares of Public Service Enterprise Group in the 1st quarter worth about $82,000. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Company Profile

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.