Sovereign Financial Group Inc. Has $2.28 Million Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Sovereign Financial Group Inc. raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,587 shares of the utilities provider’s stock after purchasing an additional 194 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Consolidated Edison were worth $2,277,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Consolidated Edison by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock valued at $3,788,319,000 after purchasing an additional 488,752 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Consolidated Edison by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider’s stock valued at $799,684,000 after purchasing an additional 130,234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Consolidated Edison by 6.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider’s stock valued at $430,129,000 after purchasing an additional 271,088 shares during the last quarter. Norges Bank acquired a new stake in Consolidated Edison during the 4th quarter valued at $399,824,000. Finally, Northern Trust Corp lifted its holdings in Consolidated Edison by 10.2% during the 4th quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider’s stock valued at $375,458,000 after purchasing an additional 390,708 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.7%

ED stock opened at $101.57 on Friday. The company has a market cap of $36.59 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. The business has a 50-day simple moving average of $107.33 and a 200 day simple moving average of $100.39. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The company had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period last year, the firm earned $2.15 EPS. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 62.85%.

Analyst Ratings Changes

ED has been the subject of a number of research reports. Scotiabank lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. UBS Group lifted their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Morgan Stanley dropped their target price on Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating for the company in a report on Thursday, May 22nd. KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price for the company. in a report on Wednesday, May 14th. Finally, Wells Fargo & Company lifted their target price on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $104.27.

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.