Consolidated Edison Inc Plans Quarterly Dividend of $0.69 (NYSE:ED)
Consolidated Edison Inc (NYSE:ED) declared a quarterly dividend on Thursday, July 20th, RTT News reports. Stockholders of record on Wednesday, August 16th will be paid a dividend of 0.69 per share by the utilities provider on Friday, September 15th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.35%.
Consolidated Edison has raised its dividend payment by an average of 2.9% annually over the last three years and has raised its dividend annually for the last 42 consecutive years. Consolidated Edison has a dividend payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Consolidated Edison to earn $4.26 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 64.8%.
Shares of Consolidated Edison (NYSE:ED) traded up 0.81% during trading on Thursday, hitting $82.41. The stock had a trading volume of 969,497 shares. The company has a market capitalization of $25.17 billion, a price-to-earnings ratio of 18.98 and a beta of 0.08. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $85.13. The company’s 50 day moving average price is $82.46 and its 200 day moving average price is $78.26.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. During the same quarter in the previous year, the firm posted $1.18 EPS. Analysts predict that Consolidated Edison will post $4.09 earnings per share for the current year.
In other Consolidated Edison news, Director Linda S. Sanford purchased 900 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was acquired at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the transaction, the director now directly owns 8,748 shares in the company, valued at approximately $697,565.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have acquired 1,240 shares of company stock valued at $100,090. Company insiders own 0.20% of the company’s stock.
A number of equities research analysts have issued reports on the stock. BMO Capital Markets reissued a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a report on Friday, May 5th. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, May 24th. Deutsche Bank AG boosted their target price on shares of Consolidated Edison from $72.00 to $74.00 and gave the company a “hold” rating in a report on Tuesday, April 11th. BidaskClub cut shares of Consolidated Edison from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC cut shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their target price for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Seven equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Consolidated Edison currently has an average rating of “Hold” and an average price target of $76.82.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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