Consolidated Edison (NYSE:ED) Price Target Raised to $109.00 at Bank of America

Consolidated Edison (NYSE:ED) had its target price hoisted by Bank of America from $97.00 to $109.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the utilities provider’s stock.

Several other equities research analysts have also recently weighed in on ED. UBS Group increased their price objective on Consolidated Edison from $92.00 to $96.00 and gave the company a neutral rating in a research report on Friday, July 19th. Morgan Stanley reduced their price objective on Consolidated Edison from $80.00 to $76.00 and set an underweight rating for the company in a research report on Monday, June 24th. Argus raised Consolidated Edison to a strong-buy rating in a research report on Friday, June 7th. Guggenheim increased their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a neutral rating in a research report on Friday. Finally, Mizuho upped their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a research note on Tuesday, May 28th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of Hold and an average price target of $91.81.

Consolidated Edison Stock Up 0.2 %

NYSE:ED traded up $0.19 during mid-day trading on Monday, reaching $100.89. The stock had a trading volume of 1,697,420 shares, compared to its average volume of 1,892,068. The business’s 50 day moving average is $92.49 and its 200 day moving average is $91.52. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The stock has a market cap of $34.89 billion, a P/E ratio of 19.36, a PEG ratio of 2.56 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. During the same quarter in the prior year, the business earned $0.61 earnings per share. As a group, sell-side analysts predict that Consolidated Edison will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC grew its position in shares of Consolidated Edison by 9,063.6% in the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock valued at $47,216,000 after purchasing an additional 513,364 shares during the period. Allworth Financial LP lifted its position in Consolidated Edison by 23.0% in the 4th quarter. Allworth Financial LP now owns 2,464 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 460 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new position in Consolidated Edison in the 4th quarter worth $367,000. Equitable Trust Co. increased its holdings in Consolidated Edison by 40.0% during the 4th quarter. Equitable Trust Co. now owns 14,480 shares of the utilities provider’s stock worth $1,317,000 after purchasing an additional 4,134 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its stake in shares of Consolidated Edison by 17.9% in the 4th quarter. Meeder Advisory Services Inc. now owns 7,578 shares of the utilities provider’s stock valued at $689,000 after purchasing an additional 1,153 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

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.