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. Shareholders of record on Friday, May 30th will be given a dividend of 2.0345 per share by the utilities provider on Monday, July 28th. This represents a dividend yield of 4.7%. The ex-dividend date is Friday, May 30th.

National Grid has raised its dividend payment 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. Research 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 Trading Up 1.3%

NYSE NGG traded up $0.96 during mid-day trading on Tuesday, reaching $73.39. 746,647 shares of the stock were exchanged, compared to its average volume of 846,229. The stock has a market capitalization of $71.81 billion, a PE ratio of 14.11, a PEG ratio of 5.64 and a beta of 0.63. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.54 and a current ratio of 1.61. National Grid has a 1-year low of $55.13 and a 1-year high of $74.82. The business’s fifty day simple moving average is $68.13 and its 200 day simple moving average is $63.52.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On National Grid

A number of large investors have recently modified their holdings of NGG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 acquiring an additional 15,873 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of National Grid during the first quarter valued at approximately $490,000. Focus Partners Wealth lifted its position in shares of National Grid by 11.1% during the first 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, NewEdge Advisors LLC boosted its stake 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 period. Institutional investors and hedge funds own 4.68% of the company’s stock.

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.