Consolidated Edison raises dividend for 43rd consecutive year

Consolidated Edison (ED), one of the nation's largest investor-owned energy companies, will raise its dividend by 3.0%.

Dividend Aristocrat Consolidated Edison will increase its quarterly dividend to $0.69 per share.

"The increase in the dividend, the 43rd consecutive annual increase for stockholders, 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 increase continues the longest period of consecutive annual dividend increases of any utility in the S&P 500 index. 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 3.8% based on Thursday's closing price of $73.49.