Fifth Third Bancorp continued to hold its stake in Consolidated Edison Inc (NYSE:ED) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,863 shares of the company’s stock at the end of the fourth quarter. Fifth Third Bancorp’s holdings in Consolidated Edison were worth $2,098,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in ED. Tortoise Investment Management LLC raised its stake in Consolidated Edison by 380.2% in the second quarter. Tortoise Investment Management LLC now owns 1,263 shares of the company’s stock valued at $102,000 after buying an additional 1,000 shares during the period. Jackson Grant Investment Advisers Inc. increased its stake in shares of Consolidated Edison by 68.0% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,050 shares of the company’s stock valued at $119,000 after buying an additional 425 shares in the last quarter. Coconut Grove Bank increased its stake in shares of Consolidated Edison by 25.5% in the third quarter. Coconut Grove Bank now owns 1,647 shares of the company’s stock valued at $124,000 after buying an additional 335 shares in the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in shares of Consolidated Edison by 4.3% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,717 shares of the company’s stock valued at $129,000 after buying an additional 70 shares in the last quarter. Finally, SRB Corp increased its stake in shares of Consolidated Edison by 5.1% in the third quarter. SRB Corp now owns 2,059 shares of the company’s stock valued at $155,000 after buying an additional 99 shares in the last quarter. 53.92% of the stock is currently owned by institutional investors.
Consolidated Edison Inc (NYSE:ED) opened at 74.29 on Friday. The firm has a 50-day moving average price of $73.74 and a 200 day moving average price of $73.99. The company has a market capitalization of $22.64 billion, a P/E ratio of 18.30 and a beta of 0.02. Consolidated Edison Inc has a 52-week low of $68.44 and a 52-week high of $81.88.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 16th. The company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.03. The company earned $2.71 billion during the quarter, compared to analysts’ expectations of $2.74 billion. Consolidated Edison had a return on equity of 8.94% and a net margin of 10.06%. The firm’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.61 earnings per share. On average, analysts predict that Consolidated Edison Inc will post $3.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, February 15th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, February 13th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a dividend yield of 3.72%. Consolidated Edison’s payout ratio is 68.32%.
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Several analysts recently weighed in on ED shares. Vetr upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research report on Monday, October 31st. Deutsche Bank AG upgraded Consolidated Edison from a “sell” rating to a “hold” rating and upped their price objective for the stock from $73.17 to $74.00 in a research report on Monday, October 24th. They noted that the move was a valuation call. RBC Capital Markets restated a “hold” rating and set a $77.00 price objective on shares of Consolidated Edison in a research report on Wednesday, January 4th. Credit Suisse Group started coverage on Consolidated Edison in a research report on Wednesday, January 25th. They set an “underperform” rating and a $68.00 price objective for the company. Finally, Zacks Investment Research downgraded Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, January 11th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $74.25.
In other news, insider Craig S. Ivey sold 3,974 shares of Consolidated Edison stock in a transaction on Monday, December 12th. The stock was sold at an average price of $71.42, for a total value of $283,823.08. Following the completion of the transaction, the insider now directly owns 35,306 shares in the company, valued at $2,521,554.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders bought 415 shares of company stock valued at $29,737. 0.16% of the stock is owned by company insiders.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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