Penobscot Investment Management Company Inc. Has $205,000 Holdings in Consolidated Edison, Inc. (NYSE:ED)

Penobscot Investment Management Company Inc. boosted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,300 shares of the utilities provider’s stock after purchasing an additional 125 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Consolidated Edison were worth $205,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. AlphaMark Advisors LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $27,000. OFI Invest Asset Management bought a new position in shares of Consolidated Edison in the 4th quarter valued at $35,000. Fairway Wealth LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth $36,000. Centricity Wealth Management LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Consolidated Edison during the 4th quarter worth $44,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Up 1.8 %

Shares of ED stock opened at $107.41 on Thursday. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $109.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a market cap of $37.25 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 3.05 and a beta of 0.30. The stock has a 50-day moving average of $98.95 and a 200-day moving average of $98.46.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.17%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is 64.89%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Scotiabank boosted their target price 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. UBS Group increased their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Morgan Stanley boosted their target price on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday, March 20th. Mizuho increased their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.40.

Consolidated Edison 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.