National Grid plc (NYSE:ngg) announced a special dividend on Monday, May 22nd. Investors of record on Friday, June 2nd will be paid a dividend of 1.872 per share by the utilities provider on Wednesday, August 16th. The ex-dividend date of this dividend is Wednesday, May 31st. This is an increase from National Grid plc’s previous special dividend of $0.93.

National Grid plc has raised its dividend by an average of 0.1% annually over the last three years. National Grid plc has a dividend payout ratio of 70.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect National Grid plc to earn $4.24 per share next year, which means the company should continue to be able to cover its $2.96 annual dividend with an expected future payout ratio of 69.8%.

Shares of National Grid plc (NYSE:NGG) opened at 70.68 on Friday. The stock has a market cap of $53.19 billion, a price-to-earnings ratio of 5.34 and a beta of 0.43. The company has a 50-day moving average price of $71.42 and a 200-day moving average price of $66.60. National Grid plc has a 52 week low of $61.68 and a 52 week high of $81.85.

Dividend History for National Grid plc (NYSE:ngg)

A number of research firms recently issued reports on NGG. Zacks Investment Research cut National Grid plc from a “buy” rating to a “hold” rating in a report on Wednesday, February 15th. Bank of America Corp upgraded National Grid plc from a “neutral” rating to a “buy” rating in a report on Monday, May 15th. Societe Generale upgraded National Grid plc from a “sell” rating to a “hold” rating in a report on Friday, March 17th. Barclays PLC restated an “equal weight” rating and set a $69.00 price objective on shares of National Grid plc in a report on Friday, May 12th. Finally, Royal Bank of Canada cut National Grid plc from an “outperform” rating to a “sector perform” rating in a report on Thursday, May 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $74.00.

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An institutional investor recently raised its position in National Grid plc stock. Geode Capital Management LLC boosted its stake in National Grid plc (NYSE:NGG) by 54.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,450 shares of the utilities provider’s stock after buying an additional 7,223 shares during the period. Geode Capital Management LLC’s holdings in National Grid plc were worth $1,298,000 as of its most recent filing with the SEC. 5.55% of the stock is owned by institutional investors and hedge funds.

National Grid plc Company Profile

National Grid plc is an electricity and gas utility company focused on transmission and distribution activities in electricity and gas in both the United Kingdom and the United States. The Company’s segments include UK Electricity Transmission, which is engaged in high voltage electricity transmission networks in Great Britain; UK Gas Transmission, which is the gas transmission network in Great Britain and United Kingdom liquefied natural gas (LNG) storage activities; UK Gas Distribution, which includes approximately four of the eight regional networks of Great Britain’s gas distribution system, and US Regulated, which includes gas distribution networks, electricity distribution networks and high voltage electricity transmission networks in New York, and New England and electricity generation facilities in New York.

12 Month Chart for NYSE:NGG

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