Consolidated Edison hikes dividend for 42nd consecutive year

Consolidated Edison (ED), one of the nation's largest investor-owned energy companies, will raise its dividend by 3.1%.

Consolidated Edison will increase its quarterly dividend to $0.67 per share. The increase in the dividend is the 42nd consecutive annual increase for stockholders, the longest successive increases of any utility in the S&P 500 index.

"The increase in the dividend reflects our continued emphasis on providing a return to our investors while meeting the needs of our customers," said Robert Hoglund, Con Edison's senior vice president and chief financial officer. The company expects to continue to pay its stockholders between 60% and 70% of its adjusted earnings.

The estimated dividend yield for Consolidated Edison is 4% based on Thursday's closing price of $67.69.

Source: Consolidated Edison (press release)

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