Consolidated Edison, Inc. (ED) to Issue Quarterly Dividend of $0.85 on June 16th

Consolidated Edison, Inc. (NYSE:ED) announced 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 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Wednesday, May 14th.

Consolidated Edison has raised its dividend by an average of 2.3% per year over the last three years and has increased its dividend every year for the last 52 years. Consolidated Edison has a dividend payout ratio of 56.6% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 0.1%

Shares of NYSE:ED opened at $107.64 on Monday. The business has a 50-day moving average price of $108.57 and a 200-day moving average price of $99.85. The stock has a market cap of $38.78 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 3.05 and a beta of 0.29. Consolidated Edison has a 52-week low of $87.28 and a 52-week high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 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 business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the company earned $2.15 earnings per share. Equities analysts predict that Consolidated Edison will post 5.62 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. Guggenheim lifted their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley set a $94.00 price target on shares of Consolidated Edison and gave the stock an “overweight” rating in a research note on Wednesday, April 23rd. Finally, Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.80.

Institutional Investors Weigh In On Consolidated Edison

A hedge fund recently raised its stake in Consolidated Edison stock. Revolve Wealth Partners LLC increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 13.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,721 shares of the utilities provider’s stock after purchasing an additional 441 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Consolidated Edison were worth $332,000 at the end of the most recent reporting period. 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.