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Con Edison raises common stock dividend by 3.5%

Consolidated Edison Inc. declared a quarterly common stock dividend of 74 cents per share, representing an increase of 2.5 cents, or approximately 3.5%, over the previous quarterly dividend rate of 71.5 cents per share.

The dividend, which equates to $2.96 per share on an annualized basis, is payable March 15 to shareholders of record Feb. 13. For 2019, the company expects to exceed its previously provided payout range of 60% to 70% of adjusted earnings as a result of noncash earnings impact from its acquisition of renewable project portfolio from Sempra Energy, said Robert Hoglund, Con Edison's senior vice president and CFO.