Public Service Enterprise Group
) Board of Directors announced a 1.4% increase in the dividend
bringing the quarterly payout to 36 cents per share from the
prior level of 35.5 cents. This comprises the ninth dividend hike
in the past ten years.
The dividend is payable on Mar 29, 2013 to shareholders of
record at the close of business on Mar 8, 2013. On an annual
basis, the common stock dividend offering comes to $1.44 per
share, up from the prior payment of $1.42 per share.
The company has been steadily providing dividends since 1907.
Based on the closing price of $31.41 as on Feb 19, 2013, the
proposed dividend affirms a yield of 4.58%, substantially higher
than the industry yield of 2.36%.
Last year the company had hiked its dividend by 3.6% to 35.5
cents from 34.25 cents earlier. The company's operating cash flow
in the nine months ending 2012 stood at $2,311.0 million while
the cash balance was $780.0 million as of Sep 30, 2012. Public
Service Enterprise's strong cash flow generation and its solid
cash position indicate further dividend hikes in the future.
There have been a number of energy stocks recently boosting
their quarterly dividends. These include
CMS Energy Inc.
), which raised its common dividend by 6.25% to 25.5 cents from
the previous payout of 24 cents per share.
NV Energy Inc.
) increased its dividend by 11.8% to 19 cents from 17 cents per
) hiked its dividend by 5.17%, to 30.5 cents from the previous 29
cents per share.
Currently, Public Service Enterprise carries a Zacks Rank #3
(Hold). The company's fourth quarter results are yet to be
Headquartered in Newark, NJ, Public Service Enterprise Group
Incorporated, through its subsidiaries, operates as an energy
company primarily in the northeastern and mid Atlantic United
States. The company operates nuclear, coal, gas, and oil-fired
generation facilities with a generation capacity of approximately
AVISTA CORP (AVA): Free Stock Analysis Report
CMS ENERGY (CMS): Free Stock Analysis Report
NV ENERGY INC (NVE): Free Stock Analysis
PUBLIC SV ENTRP (PEG): Free Stock Analysis
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