Consolidated Edison, Inc. Declares Quarterly Dividend of $0.85 (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED) declared a quarterly dividend on Thursday, April 17th, RTT News reports. Shareholders 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 3.16%. The ex-dividend date is Wednesday, May 14th.

Consolidated Edison has raised its dividend payment by an average of 2.3% per year over the last three years and has raised its dividend every year for the last 52 years. Consolidated Edison has a payout ratio of 56.6% 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 Stock Down 0.1%

Shares of NYSE ED opened at $107.64 on Monday. The stock has a market cap of $38.78 billion, a P/E ratio of 20.54, a PEG ratio of 3.05 and a beta of 0.29. The business’s fifty day simple moving average is $108.57 and its 200-day simple moving average is $99.85. Consolidated Edison has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the business posted $2.15 EPS. As a group, equities analysts predict that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on ED. UBS Group boosted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Morgan Stanley set a $94.00 target price on Consolidated Edison and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Scotiabank raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. Guggenheim upped their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Finally, Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $105.80.

Institutional Trading of Consolidated Edison

An institutional investor recently raised its position in Consolidated Edison stock. Revolve Wealth Partners LLC boosted its stake in Consolidated Edison, Inc. (NYSE:ED) by 13.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,721 shares of the utilities provider’s stock after acquiring an additional 441 shares during the period. Revolve Wealth Partners LLC’s holdings in Consolidated Edison were worth $332,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.