Consolidated Edison Inc. announced a quarterly dividend of 76.5 cents per share of common stock, an increase from the previous dividend of 74 cents per share.

On an annualized basis, the new dividend represents an increase of 10 cents from the previous dividend of $2.96 per share.

The new quarterly dividend is payable March 16 to shareholders of record Feb. 19.

Con Edison continues to target a dividend payout ratio of 60% to 70% of its adjusted earnings.