Public Service Enterprise Group Incorporated (NYSE: PEG) to issue quarterly dividend of $ 0.51
Group of incorporated public service companies (NYSE: PEG) declared a quarterly dividend on Tuesday, July 20, RTT News reports. Shareholders of record on Wednesday, September 8 will receive a dividend of 0.51 per share from the utility provider on Thursday, September 30. This represents an annualized dividend of $ 2.04 and a dividend yield of 3.36%.
Public Service Enterprise Group has increased its dividend by 14.0% over the past three years and has increased its dividend every year for the past 1 years.
NYSE: PEG traded up $ 0.49 during Tuesday’s noon session, reaching $ 60.68. The company had a trading volume of 22,325 shares, compared to its average volume of 1,798,076. The company has a market capitalization of $ 30.67 billion, a price / earnings ratio of 14.63, a price ratio / earnings-growth of 5.02 and a beta of 0.54. The company’s fifty-day simple moving average is $ 61.14. Public Service Enterprise Group has a 12-month low of $ 50.32 and a 12-month high of $ 64.30. The company has a leverage ratio of 0.94, a current ratio of 0.79, and a quick ratio of 0.63.
Public Service Enterprise Group (NYSE: PEG) last released its quarterly results on Wednesday, May 5. The utility provider reported earnings per share of $ 1.28 for the quarter, beating the Zacks’ consensus estimate of $ 1.12 by $ 0.16. The Public Service Enterprise Group achieved a return on equity of 11.77% and a net margin of 21.68%. The company posted revenue of $ 2.89 billion for the quarter, compared to $ 3.25 billion expected by analysts. During the same period last year, the company achieved earnings per share of $ 1.03. Quarterly revenues for the Public Service Enterprise Group increased 3.9% year over year. As a group, equity research analysts predict that Public Service Enterprise Group will post earnings per share of 3.48 for the current fiscal year.
In other news from the Public Service Enterprise Group, COO Ralph A. Larossa sold 4,890 shares of Public Service Enterprise Group in a transaction that took place on Tuesday, June 1. The stock was sold for an average price of $ 62.05, for a total value of $ 303,424.50. As a result of the sale, the COO now owns 89,918 shares of the company, valued at approximately $ 5,579,411.90. The sale was disclosed in a file with the Securities & Exchange Commission, which is available on the SEC website. In addition, principal shareholder Edward S. Lampert sold 265,348 shares of Public Service Enterprise Group in a transaction that took place on Monday, May 3. The shares were sold for an average price of $ 103.58, for a total value of $ 27,484,745.84. Insiders have sold a total of 305,028 shares of the company valued at $ 29,945,364 in the past ninety days. 0.52% of the shares are held by insiders.
PEG has been the subject of a number of analyst reports. KeyCorp raised its price target on Public Service Enterprise Group from $ 60.00 to $ 65 and assigned the company an “overweight” rating in a research note on Wednesday, April 14. Seaport Res Ptn downgraded the Public Service Enterprise Group from a “neutral” rating to a “buy” rating in a research report released on Monday, May 24. Seaport Global Securities Downgraded Public Service Enterprise Group from ‘Neutral’ to ‘Buy’ Rating and Set a Target Price of $ 70.00 on the Share in a Research Report on Monday, May 24 . Wells Fargo & Company raised its price target on Public Service Enterprise Group from $ 64.00 to $ 71.00 and rated the stock “overweight” in a research report released Wednesday, April 14. They noted that the move was an appraisal call. Finally, Barclays raised its target price on Public Service Enterprise Group from $ 62.00 to $ 67.00 and gave the stock an “equal weight” rating in a research report published on Tuesday, May 25. One research analyst rated the stock with a conservation rating and nine issued a buy rating for the company. Public Service Enterprise Group currently has an average rating of “Buy” and an average price target of $ 66.39.
Company Profile of the Group of Utilities
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the northeast and central United States. It operates through two segments, PSE & G and PSEG Power. The PSE & G segment transports electricity; distributes electricity and gas to residential, commercial and industrial customers, and invests in solar power generation projects, as well as in energy efficiency and related programs; and offers home appliance repair and service.
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