Consolidated Edison, Inc. Announces Quarterly Dividend of $0.83 (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED) announced a quarterly dividend on Thursday, April 18th, RTT News reports. Stockholders of record on Wednesday, May 15th will be paid a dividend of 0.83 per share by the utilities provider on Friday, June 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.65%.

Consolidated Edison has raised its dividend by an average of 1.9% per year over the last three years and has raised its dividend annually for the last 51 consecutive years. Consolidated Edison has a dividend payout ratio of 57.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Consolidated Edison to earn $5.60 per share next year, which means the company should continue to be able to cover its $3.24 annual dividend with an expected future payout ratio of 57.9%.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.57 during trading on Thursday, reaching $90.90. The company had a trading volume of 2,525,525 shares, compared to its average volume of 1,797,288. The firm’s fifty day moving average is $88.87 and its 200 day moving average is $89.54. The firm has a market capitalization of $31.41 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 8.24 and a beta of 0.35. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $100.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 EPS. On average, equities analysts forecast that Consolidated Edison will post 5.3 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ED. Main Street Group LTD acquired a new position in Consolidated Edison in the 4th quarter worth about $25,000. Retirement Group LLC increased its position in Consolidated Edison by 74.8% in the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares during the last quarter. Tyler Stone Wealth Management acquired a new position in Consolidated Edison in the 2nd quarter worth about $28,000. West Tower Group LLC acquired a new position in Consolidated Edison in the 4th quarter worth about $32,000. Finally, Clear Street Markets LLC increased its position in Consolidated Edison by 261.0% in the 4th quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 261 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the subject of several research reports. Scotiabank raised their price objective on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, February 20th. Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Royal Bank of Canada reduced their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Finally, LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price for the company. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $87.96.

Consolidated Edison Company Profile

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.