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

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

Consolidated Edison has raised its dividend by an average of 1.9% annually 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. Equities 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 Stock Up 0.6 %

Shares of NYSE:ED opened at $90.87 on Friday. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $100.92. The company has a market capitalization of $31.40 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 8.52 and a beta of 0.35. The business has a fifty day moving average price of $88.91 and a two-hundred day moving average price of $89.55. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate 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 firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 earnings per share. Analysts forecast that Consolidated Edison will post 5.3 earnings per share for the current year.

Institutional Trading of Consolidated Edison

Several hedge funds have recently added to or reduced their stakes in ED. Main Street Group LTD purchased a new position in shares of Consolidated Edison in the fourth quarter worth about $25,000. Retirement Group LLC increased its stake 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 period. Tyler Stone Wealth Management bought a new stake in Consolidated Edison in the second quarter valued at approximately $28,000. West Tower Group LLC bought a new stake in Consolidated Edison in the fourth quarter valued at approximately $32,000. Finally, Clear Street Markets LLC boosted its stake in shares of Consolidated Edison by 261.0% during the fourth quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 261 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ED shares. Scotiabank lifted their price target on shares of Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a report on Tuesday, February 20th. UBS Group decreased their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. LADENBURG THALM/SH SH started coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective on the stock. Royal Bank of Canada reduced their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Finally, Barclays upped their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.