NEWARK, N.J. - Public Service Enterprise Group (NYSE: NYSE:PEG), an infrastructure company with a focus on clean energy, announced today that its Board of Directors has declared a quarterly dividend of $0.60 per share on the company's common stock for the second quarter of 2024.
Shareholders of record as of June 7, 2024, will be eligible to receive the dividend, which is payable by June 28, 2024. This announcement follows PSEG's consistent history of dividend payouts, which is part of the company's financial strategy.
PSEG has been recognized for its commitment to sustainability, being listed on the Dow Jones Sustainability North America Index for 16 consecutive years. Furthermore, it has been named on the 2023-2024 list of U.S. News' Best Companies to Work For. The company's portfolio includes Public Service Electric and Gas Co. (PSE&G), PSEG Power, and PSEG Long Island.
The company's press release also included a cautionary note regarding forward-looking statements, advising that such statements are subject to various risks and uncertainties that could cause actual results to differ from those projected. The cautionary advice follows guidelines set by The Private Securities Litigation Reform Act of 1995.
PSEG regularly communicates important information to investors and the public through its Investor Relations website, where email alerts for new postings can also be set up.
This dividend declaration is based on a press release statement from PSEG and does not include any speculative or forward-looking commentary.
InvestingPro Insights
Public Service Enterprise Group (PSEG) continues to demonstrate its financial reliability to shareholders with its recent dividend declaration. A closer look at the company's performance metrics from InvestingPro reveals several key insights.
With a market capitalization of $32.14 billion, PSEG maintains a strong presence in the utilities sector. The company's P/E ratio, which stands at 12.5, suggests that the stock is trading at a low earnings multiple, potentially indicating an attractive valuation for investors seeking stable equity income.
Consistent with its history of dividend reliability, PSEG has a remarkable track record of increasing its dividend for 54 consecutive years, as noted in one of the InvestingPro Tips. This commitment to shareholder returns is further underscored by the company's dividend yield, which is currently at an appealing 3.59%. Moreover, the company's revenue growth over the last twelve months, as of Q4 2023, has been solid at 14.66%, reflecting its operational strength in a competitive industry.
For investors looking for further analysis and tips, InvestingPro offers additional insights on PSEG's financial health and future prospects. There are more InvestingPro Tips available, which can be accessed through the following link: https://www.investing.com/pro/PEG.
Readers who are interested in a deeper dive into PSEG's investment potential can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This is an opportunity to gain access to comprehensive data and expert commentary that can inform investment decisions.
As a final note, PSEG's next earnings date is scheduled for April 30, 2024, which may provide further clarity on the company's trajectory and its ability to maintain its dividend growth. With a commitment to sustainability and a strong financial foundation, PSEG remains an intriguing option for investors focused on long-term income and stability.
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