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Consolidated Edison: Higher Dividend for 45th Consecutive Year

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Jan. 23 2019, Published 11:12 a.m. ET

Consolidated Edison’s dividend increase

Consolidated Edison (ED) declared a quarterly dividend of $0.74 per share on January 17, which indicates an annualized dividend of $2.96 per share for 2019. The dividend will be paid on March 15 to shareholders of record as of February 13. The dividend implies an increase of 3.5% compared to the dividends paid last year.

Among the top utilities, Consolidated Edison has increased its dividend per share for 45 consecutive years—the longest dividend increase streak for any utility in the S&P 500 Index.

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Dividend yield

Consolidated Edison is trading at a dividend yield of 3.8%, which is higher than broader utilities’ average yield of 3.3%. Consolidated Edison’s yield was stable in the last five years. Currently, Consolidated Edison is trading marginally below its historical average.

Xcel Energy (XEL) offers a dividend yield of 3.0%, while Southern Company (SO) is yielding 5.1%. Southern Company, the second-largest regulated utility in the country, has increased its dividend for 17 consecutive years. Xcel Energy has increased its dividend per share for the last 15 years.

Dividend growth

In the last five years, Consolidated Edison’s dividend has increased ~3% compounded annually. Although the growth is low compared to other companies in the sector, its consistent dividend increase over the long term makes it a noteworthy name among utilities. Utilities (XLU) at large grew their dividends ~4% during the same period.

Xcel Energy and Southern Company have increased their dividends 6% and 3.4%, respectively, compounded annually in the last five years.

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