Moody National Bank Trust Division bought a new position in Consolidated Edison, Inc. (NYSE:ED – Get Rating) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,305 shares of the utilities provider’s stock, valued at approximately $314,000.
Other hedge funds have also added to or reduced their stakes in the company. Johnson Investment Counsel Inc. increased its holdings in Consolidated Edison by 1.4% in the first quarter. Johnson Investment Counsel Inc. now owns 11,826 shares of the utilities provider’s stock worth $1,120,000 after purchasing an additional 158 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Consolidated Edison by 158.6% during the first quarter. Robeco Institutional Asset Management B.V. now owns 277,535 shares of the utilities provider’s stock valued at $26,276,000 after acquiring an additional 170,229 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Consolidated Edison by 4.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,318,370 shares of the utilities provider’s stock valued at $124,823,000 after acquiring an additional 58,426 shares in the last quarter. Symmetry Partners LLC increased its holdings in shares of Consolidated Edison by 111.3% during the first quarter. Symmetry Partners LLC now owns 8,251 shares of the utilities provider’s stock valued at $781,000 after acquiring an additional 4,346 shares in the last quarter. Finally, Hightower 6M Holding LLC bought a new stake in shares of Consolidated Edison during the first quarter valued at approximately $228,000. 64.76% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently commented on ED. Credit Suisse Group boosted their price objective on Consolidated Edison from $92.00 to $94.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Guggenheim upgraded Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 price objective for the company in a report on Monday, May 23rd. Mizuho decreased their price objective on Consolidated Edison from $100.00 to $99.00 and set a “buy” rating for the company in a report on Monday, June 27th. KeyCorp boosted their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, July 19th. Finally, Morgan Stanley boosted their price objective on Consolidated Edison from $77.00 to $84.00 and gave the company an “underweight” rating in a report on Tuesday, August 23rd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $86.00.
Consolidated Edison Stock Up 1.1 %
Consolidated Edison (NYSE:ED – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The utilities provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.09. Consolidated Edison had a return on equity of 7.83% and a net margin of 11.16%. During the same period in the previous year, the company earned $0.53 EPS. Analysts expect that Consolidated Edison, Inc. will post 4.48 EPS for the current year.
Consolidated Edison Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were paid a $0.79 dividend. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $3.16 annualized dividend and a dividend yield of 3.21%. Consolidated Edison’s payout ratio is presently 69.15%.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,555 customers in parts of Manhattan.
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