South Jersey Industries Inc (NYSE:SJI) declared a quarterly dividend on Tuesday, April 30th, Wall Street Journal reports. Investors of record on Monday, June 10th will be paid a dividend of 0.2875 per share by the utilities provider on Tuesday, July 2nd. This represents a $1.15 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 7th.
South Jersey Industries has increased its dividend by an average of 3.5% annually over the last three years and has increased its dividend every year for the last 2 years. South Jersey Industries has a dividend payout ratio of 71.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect South Jersey Industries to earn $1.58 per share next year, which means the company should continue to be able to cover its $1.15 annual dividend with an expected future payout ratio of 72.8%.
SJI stock traded up $0.35 during trading hours on Friday, hitting $33.73. 787,800 shares of the stock traded hands, compared to its average volume of 633,535. The firm has a 50-day moving average of $32.79. South Jersey Industries has a one year low of $26.06 and a one year high of $36.72. The firm has a market capitalization of $3.08 billion, a P/E ratio of 24.44, a P/E/G ratio of 4.20 and a beta of 0.73. The company has a current ratio of 0.43, a quick ratio of 0.41 and a debt-to-equity ratio of 1.40.
SJI has been the subject of a number of recent analyst reports. ValuEngine upgraded South Jersey Industries from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Guggenheim upgraded South Jersey Industries from a “neutral” rating to a “buy” rating and increased their price target for the company from $32.00 to $35.00 in a research report on Thursday, June 13th. Maxim Group began coverage on South Jersey Industries in a research report on Tuesday, April 16th. They set a “buy” rating and a $40.00 price objective for the company. Zacks Investment Research lowered South Jersey Industries from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 17th. Finally, Morgan Stanley set a $31.00 price objective on South Jersey Industries and gave the stock a “hold” rating in a research report on Thursday, May 16th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. South Jersey Industries presently has a consensus rating of “Buy” and an average price target of $34.50.
About South Jersey Industries
South Jersey Industries, Inc, through its subsidiaries, provides energy-related products and services. The company engages in the purchase, transmission, and sale of natural gas. It also sells natural gas and pipeline transportation capacity on a wholesale basis to residential, commercial, and industrial customers on the interstate pipeline system, as well as transports natural gas, which is purchased directly from producers or suppliers to their customers.
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