Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by US Bancorp DE

US Bancorp DE grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 65,236 shares of the utilities provider’s stock after purchasing an additional 700 shares during the quarter. US Bancorp DE’s holdings in Consolidated Edison were worth $5,924,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock worth $38,897,000 after purchasing an additional 12,953 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Consolidated Edison by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after buying an additional 7,725 shares during the period. abrdn plc grew its holdings in shares of Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after buying an additional 72,273 shares during the last quarter. UBS Group AG increased its position in shares of Consolidated Edison by 14.7% in the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after acquiring an additional 62,519 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Consolidated Edison by 169.9% in the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded up $2.14 during trading hours on Wednesday, reaching $93.69. The stock had a trading volume of 937,625 shares, compared to its average volume of 1,874,601. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $98.85. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $32.40 billion, a PE ratio of 17.57, a PEG ratio of 2.29 and a beta of 0.34. The stock’s 50 day moving average is $92.43 and its 200 day moving average is $91.08.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the prior year, the firm posted $1.83 EPS. Consolidated Edison’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were paid a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.54%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Barclays boosted their price target on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Finally, Argus raised shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $89.27.

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.