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

Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Tuesday, November 19th,RTT News reports. Shareholders of record on Tuesday, December 10th will be given a dividend of 0.60 per share by the utilities provider on Tuesday, December 31st. This represents a $2.40 dividend on an annualized basis and a yield of 2.70%.

Public Service Enterprise Group has increased its dividend by an average of 5.2% per year over the last three years and has increased its dividend every year for the last 13 years. Public Service Enterprise Group has a dividend payout ratio of 59.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Public Service Enterprise Group to earn $4.07 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 59.0%.

Public Service Enterprise Group Stock Down 0.8 %

PEG stock traded down $0.69 during mid-day trading on Tuesday, reaching $88.74. 119,783 shares of the company traded hands, compared to its average volume of 2,766,161. The stock has a market cap of $44.21 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 3.27 and a beta of 0.61. Public Service Enterprise Group has a fifty-two week low of $56.85 and a fifty-two week high of $92.20. The firm’s 50 day moving average price is $87.68 and its 200 day moving average price is $80.17. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the prior year, the firm posted $0.85 EPS. Public Service Enterprise Group’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts predict that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the sale, the executive vice president now owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This represents a 16.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,783 shares of company stock worth $2,381,626. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. UBS Group boosted their price target on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average target price of $86.69.

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.