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

Consolidated Edison, Inc. (NYSE:ED) declared a quarterly dividend on Thursday, October 17th,RTT News reports. Stockholders of record on Wednesday, November 13th will be given a dividend of 0.83 per share by the utilities provider on Monday, December 16th. This represents a $3.32 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Wednesday, November 13th.

Consolidated Edison has raised its dividend by an average of 1.9% per year over the last three years and has increased its dividend every year for the last 51 years. Consolidated Edison has a dividend payout ratio of 59.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Consolidated Edison to earn $5.63 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 59.0%.

Consolidated Edison Trading Up 0.4 %

Consolidated Edison stock opened at $98.48 on Tuesday. The stock has a market cap of $34.11 billion, a P/E ratio of 18.55, a PEG ratio of 3.31 and a beta of 0.36. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The firm’s fifty day moving average price is $103.29 and its 200-day moving average price is $97.99. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.75%. Equities research analysts forecast that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Bank of America raised their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Guggenheim boosted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, UBS Group upped their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $98.35.

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.