Gulf International Bank UK Ltd Boosts Position in Consolidated Edison, Inc. (NYSE:ED)

Gulf International Bank UK Ltd grew its stake in Consolidated Edison, Inc. (NYSE:ED) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,819 shares of the utilities provider’s stock after buying an additional 1,388 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Consolidated Edison were worth $2,571,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Mn Services Vermogensbeheer B.V. increased its position in Consolidated Edison by 1.7% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 134,600 shares of the utilities provider’s stock worth $12,010,000 after buying an additional 2,200 shares in the last quarter. Checchi Capital Advisers LLC increased its position in Consolidated Edison by 3.7% in the fourth quarter. Checchi Capital Advisers LLC now owns 5,757 shares of the utilities provider’s stock worth $514,000 after buying an additional 208 shares in the last quarter. Lake Street Advisors Group LLC increased its position in Consolidated Edison by 22.5% in the fourth quarter. Lake Street Advisors Group LLC now owns 5,002 shares of the utilities provider’s stock worth $446,000 after buying an additional 920 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Consolidated Edison by 36.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 176,514 shares of the utilities provider’s stock worth $15,750,000 after buying an additional 47,394 shares in the last quarter. Finally, Rothschild Investment LLC increased its position in Consolidated Edison by 0.5% in the fourth quarter. Rothschild Investment LLC now owns 28,763 shares of the utilities provider’s stock worth $2,567,000 after buying an additional 154 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $101.45 on Friday. The stock has a 50 day moving average of $93.13 and a 200 day moving average of $97.98. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The firm has a market cap of $35.17 billion, a PE ratio of 19.36, a PEG ratio of 3.05 and a beta of 0.39. 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 (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. On average, research analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.35%. Consolidated Edison’s dividend payout ratio is 64.89%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ED. Morgan Stanley dropped their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Scotiabank upped their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Barclays upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Mizuho upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Finally, UBS Group upped their price objective on Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $101.50.

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.