National Grid plc (NYSE:NGG) to Issue $2.03 Semi-annual Dividend

National Grid plc (NYSE:NGG) announced a semi-annual dividend on Tuesday, May 20th, Wall Street Journal reports. Investors of record on Friday, May 30th will be paid a dividend of 2.0345 per share by the utilities provider on Monday, July 28th. This represents a yield of 4.7%. The ex-dividend date of this dividend is Friday, May 30th.

National Grid has raised its dividend by an average of 0.7% annually over the last three years. National Grid has a dividend payout ratio of 37.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect National Grid to earn $4.80 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 42.5%.

National Grid Stock Performance

Shares of NGG traded up $0.96 during midday trading on Tuesday, reaching $73.39. 746,647 shares of the stock were exchanged, compared to its average volume of 846,229. National Grid has a twelve month low of $55.13 and a twelve month high of $74.82. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.61 and a quick ratio of 1.54. The company has a market capitalization of $71.81 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 5.64 and a beta of 0.63. The business’s 50-day moving average price is $68.13 and its 200 day moving average price is $63.52.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group cut National Grid from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 29th. Citigroup reiterated a “neutral” rating on shares of National Grid in a research note on Tuesday, May 6th. Sanford C. Bernstein upgraded shares of National Grid from a “market perform” rating to an “outperform” rating in a research note on Monday, March 17th. Barclays reiterated an “overweight” rating on shares of National Grid in a research note on Friday. Finally, StockNews.com cut National Grid from a “hold” rating to a “sell” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold”.

Institutional Investors Weigh In On National Grid

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new stake in National Grid in the first quarter valued at $490,000. NewEdge Advisors LLC grew its position in shares of National Grid by 12.5% in the first quarter. NewEdge Advisors LLC now owns 8,767 shares of the utilities provider’s stock valued at $575,000 after purchasing an additional 971 shares during the last quarter. Focus Partners Wealth increased its stake in shares of National Grid by 11.1% during the 1st quarter. Focus Partners Wealth now owns 10,375 shares of the utilities provider’s stock worth $681,000 after purchasing an additional 1,036 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of National Grid by 79.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,966 shares of the utilities provider’s stock worth $2,360,000 after purchasing an additional 15,873 shares during the last quarter. 4.68% of the stock is currently owned by institutional investors and hedge funds.

About National Grid

National Grid plc transmits and distributes electricity and gas. It operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, New York, National Grid Ventures, and Other segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales.