Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Truist Financial Corp

Truist Financial Corp increased its position in Consolidated Edison, Inc. (NYSE:ED) by 12.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,557 shares of the utilities provider’s stock after purchasing an additional 6,520 shares during the quarter. Truist Financial Corp’s holdings in Consolidated Edison were worth $5,418,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its stake in shares of Consolidated Edison by 6.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 110,604 shares of the utilities provider’s stock worth $9,460,000 after buying an additional 6,715 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Consolidated Edison by 43.2% during the third quarter. Stratos Wealth Partners LTD. now owns 9,764 shares of the utilities provider’s stock worth $835,000 after purchasing an additional 2,944 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in Consolidated Edison by 2.8% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 169,600 shares of the utilities provider’s stock worth $14,506,000 after purchasing an additional 4,600 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its holdings in Consolidated Edison by 6.8% in the third quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,304 shares of the utilities provider’s stock valued at $283,000 after buying an additional 209 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC raised its position in shares of Consolidated Edison by 4.6% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 3,909 shares of the utilities provider’s stock valued at $334,000 after acquiring an additional 171 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on ED. Royal Bank of Canada decreased their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Scotiabank reduced their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, UBS Group cut their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $87.75.

Consolidated Edison Price Performance

NYSE ED opened at $95.56 on Friday. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44. The stock has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.97 and a beta of 0.34. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The business’s fifty day moving average is $90.21 and its two-hundred day moving average is $90.13.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same period in the prior year, the firm earned $1.83 earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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 3.7 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 1,530 customers in parts of Manhattan.