Public Service Enterprise Group Incorporated (NYSE:PEG) to Issue Dividend Increase – $0.63 Per Share

Public Service Enterprise Group Incorporated (NYSE:PEG) declared a quarterly dividend on Tuesday, February 11th,RTT News reports. Investors of record on Monday, March 10th will be paid a dividend of 0.63 per share by the utilities provider on Monday, March 31st. This represents a $2.52 dividend on an annualized basis and a yield of 3.02%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60.

Public Service Enterprise Group has increased its dividend payment by an average of 5.6% 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 55.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Public Service Enterprise Group to earn $4.03 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 59.6%.

Public Service Enterprise Group Trading Down 0.5 %

Shares of NYSE:PEG traded down $0.45 during midday trading on Tuesday, reaching $83.44. The company’s stock had a trading volume of 221,959 shares, compared to its average volume of 2,129,570. The firm has a 50 day moving average price of $85.77 and a two-hundred day moving average price of $85.61. Public Service Enterprise Group has a fifty-two week low of $57.40 and a fifty-two week high of $95.22. The firm has a market capitalization of $41.57 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 2.77 and a beta of 0.64. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the sale, the chief operating officer now directly owns 70,011 shares in the company, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,712 shares of company stock valued at $317,644 over the last three months. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

PEG has been the subject of several recent analyst reports. BMO Capital Markets raised their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research note on Thursday, December 12th. UBS Group increased their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Finally, Wells Fargo & Company raised their price objective on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

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.