Consolidated Edison, Inc. (ED) To Go Ex-Dividend on May 14th

Consolidated Edison, Inc. (NYSE:ED) announced 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 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Tuesday, May 14th.

Consolidated Edison has increased its dividend payment by an average of 1.9% annually over the last three years and has increased its dividend every year for the last 51 years. Consolidated Edison has a payout ratio of 59.3% 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 $3.32 annual dividend with an expected future payout ratio of 59.3%.

Consolidated Edison Stock Performance

ED stock opened at $91.77 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The business’s fifty day simple moving average is $88.97 and its two-hundred day simple moving average is $89.62. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $100.92. The firm has a market cap of $31.71 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 8.57 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last released its 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. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the firm posted $0.81 earnings per share. The business’s revenue was down 14.6% compared to the same quarter last year. Analysts predict that Consolidated Edison will post 5.3 earnings per share for the current year.

Institutional Investors Weigh In On Consolidated Edison

Several institutional investors have recently added to or reduced their stakes in the business. Kapstone Financial Advisors LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $201,000. Covestor Ltd raised its position in Consolidated Edison by 74.3% during the first quarter. Covestor Ltd now owns 2,053 shares of the utilities provider’s stock valued at $194,000 after acquiring an additional 875 shares in the last quarter. Pacific Center for Financial Services purchased a new position in Consolidated Edison during the first quarter valued at approximately $191,000. Chilton Capital Management LLC purchased a new position in Consolidated Edison during the first quarter valued at approximately $130,000. Finally, Ancora Advisors LLC raised its position in Consolidated Edison by 53.5% during the first quarter. Ancora Advisors LLC now owns 1,411 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 492 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ED. Scotiabank raised their price target on Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research note on Tuesday, February 20th. Royal Bank of Canada cut their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. UBS Group cut their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. LADENBURG THALM/SH SH began coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target on the stock. Finally, Barclays raised their price target on 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 issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $87.96.

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.