National Grid plc (NGG) To Go Ex-Dividend on June 1st

National Grid plc (NYSE:NGG – Get Rating) declared a semi-annual dividend on Tuesday, May 23rd, Wall Street Journal reports. Stockholders of record on Friday, June 2nd will be given a dividend of 2.3458 per share by the utilities provider on Wednesday, August 9th. This represents a dividend yield of 4.5%. The ex-dividend date of this dividend is Thursday, June 1st. This is a boost from National Grid’s previous semi-annual dividend of $2.09.

National Grid has a payout ratio of 45.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect National Grid to earn $3.97 per share next year, which means the company should continue to be able to cover its $2.06 annual dividend with an expected future payout ratio of 51.9%.

National Grid Trading Down 1.7 %

NGG opened at $68.40 on Thursday. The business has a fifty day moving average of $69.79 and a 200 day moving average of $64.78. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.91 and a current ratio of 1.00. National Grid has a 52-week low of $47.22 and a 52-week high of $77.94.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NGG shares. JPMorgan Chase & Co. upped their target price on shares of National Grid from GBX 1,150 ($14.30) to GBX 1,275 ($15.86) in a research note on Monday, April 17th. StockNews.com started coverage on National Grid in a research report on Thursday, May 18th. They set a “hold” rating for the company. Credit Suisse Group boosted their price target on shares of National Grid from GBX 1,250 ($15.55) to GBX 1,280 ($15.92) in a report on Wednesday. Royal Bank of Canada initiated coverage on National Grid in a research report on Monday, February 13th. They issued an “outperform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of National Grid from GBX 1,100 ($13.68) to GBX 1,080 ($13.43) in a report on Monday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, National Grid currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,183.75.

Institutional Investors Weigh In On National Grid

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fairfield Bush & CO. purchased a new position in shares of National Grid in the 1st quarter valued at approximately $36,000. Bank of New York Mellon Corp raised its holdings in shares of National Grid by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 71,544 shares of the utilities provider’s stock worth $5,501,000 after buying an additional 2,222 shares during the last quarter. BlackRock Inc. lifted its stake in shares of National Grid by 8.2% during the first quarter. BlackRock Inc. now owns 397,048 shares of the utilities provider’s stock worth $30,521,000 after buying an additional 30,176 shares during the period. Cibc World Market Inc. increased its position in shares of National Grid by 103.0% in the 1st quarter. Cibc World Market Inc. now owns 46,322 shares of the utilities provider’s stock valued at $3,561,000 after acquiring an additional 23,501 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in National Grid by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 606,543 shares of the utilities provider’s stock worth $46,625,000 after acquiring an additional 31,695 shares during the last quarter. 3.49% of the stock is currently owned by hedge funds and other institutional investors.

National Grid Company Profile

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National Grid Plc engages in the transmission and distribution of electricity and gas. It operates through the following segments: UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, and New York. The UK Electricity Transmission segment focuses on the high-voltage electricity transmission networks in England and Wales.