Consolidated Edison (NYSE: ED), one of the largest electric utilities in the U.S., said that fourth-quarter profits were up 26% on higher revenue.

Excluding one-time items, ConEd earned 67 cents a share on sales of $3.27 billion, missing Street estimates that called for a profit of 76 cents a share.

Tucked away in the quarterly update was news that ConEd will race its quarterly dividend by 0.8%.

That will take the company's quarterly dividend to 59.5 cents a share from 59 cents.

Analysts have said in the past that the time buy ConEd shares is when the stock yields 6%. As of Thursday's close, the stock was yielding 5.1%.

Of course, we shouldn't forget that ConEd has now increased its dividend for 36 straight years and that's a dividend history worth getting acquainted with.

The bad news may be that the company expects to earn $3.10 to $3.30 a share in 2010.

That's below Street estimates of $3.36 a share. Then again, if the stock trades lower in the coming days, that 6% yield may be right around the corner.