Public Service Enterprise Group (PEG) Hits New 52-Week High Following Dividend Announcement

Public Service Enterprise Group Inc. (NYSE:PEG) shares reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $56.71 and last traded at $56.61, with a volume of 3712896 shares changing hands. The stock had previously closed at $56.22.

The newly announced dividend which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Thursday, March 7th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.45. This represents a $1.88 annualized dividend and a yield of 3.30%. Public Service Enterprise Group’s dividend payout ratio is currently 61.43%.

Several research firms recently commented on PEG. ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. Zacks Investment Research lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. Wolfe Research raised shares of Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 22nd. Mizuho raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $52.50 target price for the company in a research note on Thursday, January 17th. Finally, reissued a “buy” rating on shares of Public Service Enterprise Group in a research note on Monday, November 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $57.04.

The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.51 and a current ratio of 0.72. The stock has a market cap of $28.42 billion, a P/E ratio of 19.42, a P/E/G ratio of 2.63 and a beta of 0.43.

In related news, Chairman Ralph Izzo sold 52,407 shares of the company’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $55.39, for a total value of $2,902,823.73. Following the completion of the sale, the chairman now owns 515,233 shares in the company, valued at approximately $28,538,755.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Ralph A. Larossa sold 25,046 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $55.57, for a total transaction of $1,391,806.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,266 shares of company stock valued at $9,806,747. 0.58% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the stock. Kistler Tiffany Companies LLC increased its stake in shares of Public Service Enterprise Group by 11.6% during the 4th quarter. Kistler Tiffany Companies LLC now owns 2,738 shares of the utilities provider’s stock worth $143,000 after purchasing an additional 285 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Public Service Enterprise Group by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 40,281,314 shares of the utilities provider’s stock worth $2,126,450,000 after purchasing an additional 545,315 shares during the last quarter. Boston Advisors LLC increased its stake in shares of Public Service Enterprise Group by 2.5% during the 4th quarter. Boston Advisors LLC now owns 84,083 shares of the utilities provider’s stock worth $4,377,000 after purchasing an additional 2,079 shares during the last quarter. Norinchukin Bank The increased its stake in shares of Public Service Enterprise Group by 13.5% during the 3rd quarter. Norinchukin Bank The now owns 64,994 shares of the utilities provider’s stock worth $3,431,000 after purchasing an additional 7,753 shares during the last quarter. Finally, Legacy Private Trust Co. increased its stake in shares of Public Service Enterprise Group by 79.1% during the 4th quarter. Legacy Private Trust Co. now owns 38,219 shares of the utilities provider’s stock worth $1,989,000 after purchasing an additional 16,884 shares during the last quarter. Institutional investors and hedge funds own 66.78% of the company’s stock.

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Public Service Enterprise Group Company Profile (NYSE:PEG)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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