State Street Corp Boosts Stake in Consolidated Edison, Inc. (NYSE:ED)

State Street Corp lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 1.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,429,218 shares of the utilities provider’s stock after purchasing an additional 399,034 shares during the period. State Street Corp owned 6.76% of Consolidated Edison worth $2,439,684,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ED. Stevens Capital Management LP purchased a new stake in Consolidated Edison in the 3rd quarter worth $232,000. Stifel Financial Corp increased its stake in Consolidated Edison by 7.8% in the 3rd quarter. Stifel Financial Corp now owns 111,890 shares of the utilities provider’s stock worth $11,651,000 after buying an additional 8,094 shares in the last quarter. Quantinno Capital Management LP increased its stake in Consolidated Edison by 42.6% in the 3rd quarter. Quantinno Capital Management LP now owns 43,941 shares of the utilities provider’s stock worth $4,576,000 after buying an additional 13,124 shares in the last quarter. Royal London Asset Management Ltd. increased its stake in Consolidated Edison by 3.3% in the 3rd quarter. Royal London Asset Management Ltd. now owns 142,600 shares of the utilities provider’s stock worth $14,849,000 after buying an additional 4,560 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after buying an additional 935,962 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.1 %

Shares of NYSE:ED opened at $96.50 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a 50-day moving average price of $101.27 and a 200 day moving average price of $98.21. The company has a market cap of $33.43 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 3.27 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. As a group, equities research analysts predict that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analyst Weigh In

ED has been the subject of a number of analyst reports. Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Morgan Stanley cut their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $99.13.

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.