The Consolidated Edison Inc. (ED) Plans Dividend Increase – $0.69 Per Share

The Consolidated Edison Inc. (ED) Plans Dividend Increase – $0.69 Per Share

Consolidated Edison Inc. (NYSE:ED) announced a quarterly dividend on Thursday, January 19th. Stockholders of record on Wednesday, February 15th will be given a dividend of 0.69 per share on Wednesday, March 15th. This represents a $2.76 annualized dividend and a dividend yield of 3.71%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.67.

Consolidated Edison (NYSE:ED) traded down 1.45% during midday trading on Thursday, hitting $73.35. The stock had a trading volume of 972,828 shares. The stock has a 50-day moving average price of $72.51 and a 200 day moving average price of $74.85. Consolidated Edison has a one year low of $66.20 and a one year high of $81.88. The firm has a market cap of $22.35 billion, a PE ratio of 18.07 and a beta of -0.02.

ED has been the subject of a number of recent analyst reports. Morgan Stanley set a $69.00 price objective on Consolidated Edison and gave the company a “sell” rating in a research note on Wednesday, September 21st. Vetr lowered Consolidated Edison from a “buy” rating to a “hold” rating and set a $72.00 price objective for the company. in a research note on Tuesday, November 15th. Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, September 21st. Deutsche Bank AG restated a “hold” rating on shares of Consolidated Edison in a research note on Friday, November 4th. Finally, Barclays PLC lowered their price objective on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 21st. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $74.82.

In related news, insider Craig S. Ivey sold 3,974 shares of the business’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $71.42, for a total transaction of $283,823.08. Following the completion of the transaction, the insider now owns 35,306 shares in the company, valued at approximately $2,521,554.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 445 shares of company stock valued at $31,861 in the last 90 days. Insiders own 0.16% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Janus Capital Management LLC increased its stake in Consolidated Edison by 96.7% in the second quarter. Janus Capital Management LLC now owns 2,229,835 shares of the company’s stock worth $179,368,000 after buying an additional 1,096,076 shares in the last quarter. Franklin Resources Inc. increased its stake in Consolidated Edison by 51.8% in the second quarter. Franklin Resources Inc. now owns 1,304,418 shares of the company’s stock worth $104,928,000 after buying an additional 445,335 shares in the last quarter. American Century Companies Inc. increased its stake in Consolidated Edison by 26.9% in the second quarter. American Century Companies Inc. now owns 1,401,412 shares of the company’s stock worth $112,730,000 after buying an additional 296,707 shares in the last quarter. Credit Suisse AG increased its stake in Consolidated Edison by 29.5% in the second quarter. Credit Suisse AG now owns 1,150,291 shares of the company’s stock worth $92,529,000 after buying an additional 262,019 shares in the last quarter. Finally, FMR LLC increased its stake in Consolidated Edison by 118.6% in the second quarter. FMR LLC now owns 458,006 shares of the company’s stock worth $36,842,000 after buying an additional 248,485 shares in the last quarter. 53.12% of the stock is currently owned by institutional investors.

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) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).

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