Consolidated Edison Inc (NYSE:ED) Announces $0.85 Quarterly Dividend

Consolidated Edison Inc (NYSE:ED - Get Free Report) announced a quarterly dividend on Thursday, July 17th, RTT News reports. Investors of record on Wednesday, August 13th will be paid a dividend of 0.85 per share by the utilities provider on Monday, September 15th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.38%.

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 Up 0.2%

NYSE ED traded up $0.24 during trading hours on Thursday, hitting $100.70. The company's stock had a trading volume of 2,131,708 shares, compared to its average volume of 2,410,630. The firm has a market capitalization of $36.28 billion, a P/E ratio of 18.61, a PEG ratio of 3.21 and a beta of 0.26. The stock has a fifty day moving average of $101.95 and a 200 day moving average of $101.56. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. Consolidated Edison has a twelve month low of $87.28 and a twelve month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period last year, the firm earned $2.15 EPS. Equities research analysts forecast that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ED. Morgan Stanley dropped their price target on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research note on Wednesday, June 18th. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday. Wells Fargo & Company lifted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Guggenheim raised 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. Finally, Barclays lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research note on Monday, May 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and an average target price of $105.09.

Institutional Trading of Consolidated Edison

A number of hedge funds have recently bought and sold shares of the stock. Revolve Wealth Partners LLC raised its holdings in Consolidated Edison by 13.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock worth $332,000 after purchasing an additional 441 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Consolidated Edison by 42.1% in the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider's stock valued at $993,000 after purchasing an additional 2,659 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of Consolidated Edison by 40.7% in the first quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider's stock valued at $3,237,000 after purchasing an additional 8,468 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.