Consolidated Edison increases dividend for 41st consecutive year
The quarterly dividend is raised from $0,63 to $0,65 per share. Consolidated Edison (NYSE: ED) currently has an indicated dividend yield of 3,7% based on a stock price of $70.
The increase in the dividend is the 41st consecutive annual increase for stockholders, the longest successive increases of any utility in the S&P 500 index.
"The company expects to pay to its stockholders between 60% and 70% of its earnings from ongoing operations in the years ahead," said John McAvoy, Con Edison's chairman, president and CEO. This expectation balances the company's opportunities to grow long-term earnings by investing capital to serve a growing economy with stockholders' desires for a current return on their investment.
Source: Consolidated Edison