Consolidated Edison, Inc. (ED) to Issue Quarterly Dividend of $0.85 on June 16th

Consolidated Edison, Inc. (NYSE:ED) declared a quarterly dividend on Thursday, April 17th, RTT News reports. Investors of record on Wednesday, May 14th will be paid a dividend of 0.85 per share by the utilities provider on Monday, June 16th. This represents a $3.40 annualized dividend and a yield of 3.04%.

Consolidated Edison has raised its dividend by an average of 2.3% per year over the last three years and has increased its dividend every year for the last 52 years. Consolidated Edison has a payout ratio of 56.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Consolidated Edison to earn $5.96 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 57.0%.

Consolidated Edison Trading Up 0.4 %

Shares of Consolidated Edison stock opened at $111.94 on Friday. The firm has a fifty day moving average price of $104.76 and a 200 day moving average price of $99.24. The stock has a market cap of $40.32 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Equities research analysts predict that Consolidated Edison will post 5.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ED shares. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Citigroup increased their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. Barclays raised their price target on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, UBS Group increased their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $102.80.

Institutional Investors Weigh In On Consolidated Edison

A hedge fund recently raised its stake in Consolidated Edison stock. Revolve Wealth Partners LLC increased its position in Consolidated Edison, Inc. (NYSE:ED) by 13.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,721 shares of the utilities provider’s stock after buying an additional 441 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Consolidated Edison were worth $332,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 66.29% of the stock is owned by hedge funds and other institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.