Citizens Financial Group Inc. RI Grows Position in Consolidated Edison, Inc. (NYSE:ED)

Citizens Financial Group Inc. RI increased its position in Consolidated Edison, Inc. (NYSE:ED) by 67.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,858 shares of the utilities provider’s stock after purchasing an additional 3,164 shares during the period. Citizens Financial Group Inc. RI’s holdings in Consolidated Edison were worth $714,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Beacon Capital Management LLC boosted its stake in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at $29,000. Tidemark LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at $29,000. Raleigh Capital Management Inc. purchased a new position in Consolidated Edison in the 4th quarter worth about $29,000. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in Consolidated Edison in the 4th quarter worth about $33,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock traded up $1.62 during midday trading on Friday, hitting $101.83. The stock had a trading volume of 4,425,537 shares, compared to its average volume of 1,886,695. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99. The company has a market capitalization of $35.22 billion, a PE ratio of 19.40, a P/E/G ratio of 2.49 and a beta of 0.34. The firm’s fifty day moving average is $92.22 and its two-hundred day moving average is $91.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the company posted $0.61 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.26%. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ED shares. Scotiabank reduced their price target 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. Guggenheim lifted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday. Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. UBS Group lifted their price objective on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Morgan Stanley lowered their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus target price of $90.35.

About Consolidated Edison

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.