Consolidated Edison, Inc. (ED) Plans $0.74 Quarterly Dividend

Consolidated Edison, Inc. (NYSE:ED) declared a quarterly dividend on Friday, April 19th, Wall Street Journal reports. Investors of record on Wednesday, May 15th will be given a dividend of 0.74 per share by the utilities provider on Monday, June 17th. This represents a $2.96 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Tuesday, May 14th.

Consolidated Edison has raised its dividend payment by an average of 3.2% annually over the last three years and has raised its dividend annually for the last 44 consecutive years. Consolidated Edison has a payout ratio of 69.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Consolidated Edison to earn $4.56 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 64.9%.

Shares of Consolidated Edison stock opened at $85.30 on Monday. Consolidated Edison has a 12 month low of $71.12 and a 12 month high of $86.50. The company has a market cap of $27.48 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 9.66 and a beta of 0.13. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The business had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the firm earned $1.38 earnings per share. As a group, equities research analysts anticipate that Consolidated Edison will post 4.35 EPS for the current fiscal year.

A number of equities research analysts have recently issued reports on the company. Evercore ISI lowered Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price target for the company. in a research report on Tuesday, February 12th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Wednesday, February 13th. Credit Suisse Group set a $80.00 price target on Consolidated Edison and gave the company a “sell” rating in a research report on Monday, April 22nd. Bank of America lowered Consolidated Edison from a “buy” rating to a “neutral” rating in a research report on Friday, January 18th. Finally, ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, March 1st. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $78.42.

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About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Dividend History for Consolidated Edison (NYSE:ED)

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