NEWARK, N.J., Feb. 16, 2016 /PRNewswire/ -- The Board of Directors of Public Service Enterprise Group (NYSE: PEG) today declared a quarterly common stock dividend for the first quarter of 2016 of $0.41 per share, raising the Company's quarterly common stock dividend by 5.1%, or $0.02 per outstanding share of the Company's common stock. The increase in the quarterly dividend brings the indicative annual dividend rate to $1.64 per share.
The Board declared that the common stock dividend is payable March 31, 2016 to shareowners of record at the close of business on March 10, 2016. The ex-dividend date is March 8, 2016.
"We are pleased to be able to increase the cash return to our shareholders. This represents the fifth consecutive annual increase in the common dividend and extends PSEG's long history of paying a common dividend," said Ralph Izzo, PSEG chairman, president and chief executive officer. "This latest increase is supported by our business mix, continued positive cash flow from our generation business and our strong balance sheet which are expected to yield consistent and sustainable dividend growth."
All future changes in the common dividend are subject to approval by the Board of Directors.
Forward-Looking Statement The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Enterprise Group (PSEG)