Public Service Enterprise hikes dividend by 4.1%

Public Service Enterprise Group (PEG) will raise its quarterly dividend by 4.1 percent to 51 cents per share in 2021. This comes after a dividend hike of 4.3 percent to $0.49 per share in the first quarter of 2020 and marks 10 consecutive years of dividend increases by the utility company.

The next dividend is payable on March 31, 2021 to shareholders of record on March 9, 2021. A new indicative annual dividend rate to $2.04 per share yields 3.2% at a stock price of $63.

Ralph Izzo, Chairman, President and Chief Executive Officer, said, "We are pleased to be able to increase the cash return to our shareholders.  This latest increase represents the 17th increase in the common dividend in the past 18 years and marks our 114th consecutive year of paying a common dividend to shareholders.  PSEG's long history of paying a common dividend is aided by our strong balance sheet and business mix, which are expected to support consistent and sustainable growth in the common dividend."

Public Service Enterprise Group Incorporated is an energy holding company with operations located in the Northeastern and Mid- Atlantic United States. The company is engaged in the transmission and distribution of electricity and natural gas. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Company, PSEG Power and PSEG Long Island. Public Service Enterprise Group. The company has paid a dividend every year since 1907.