Consolidated Edison Inc (ED) Position Boosted by Wetherby Asset Management Inc.
Wetherby Asset Management Inc. increased its position in shares of Consolidated Edison Inc (NYSE:ED) by 9.0% during the second quarter, Holdings Channel reports. The firm owned 6,772 shares of the utilities provider’s stock after buying an additional 557 shares during the period. Wetherby Asset Management Inc.’s holdings in Consolidated Edison were worth $547,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after buying an additional 22,816,233 shares during the period. Vanguard Group Inc. raised its position in Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after buying an additional 725,857 shares during the period. State Street Corp raised its position in Consolidated Edison by 0.4% in the first quarter. State Street Corp now owns 19,962,044 shares of the utilities provider’s stock worth $1,550,245,000 after buying an additional 77,044 shares during the period. Bank of New York Mellon Corp raised its position in Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after buying an additional 884,788 shares during the period. Finally, APG Asset Management N.V. raised its position in Consolidated Edison by 1.3% in the first quarter. APG Asset Management N.V. now owns 3,121,650 shares of the utilities provider’s stock worth $242,427,000 after buying an additional 39,537 shares during the period. Institutional investors and hedge funds own 55.61% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE ED) opened at 82.87 on Friday. The stock’s 50 day moving average price is $82.01 and its 200-day moving average price is $79.28. The stock has a market capitalization of $25.33 billion, a P/E ratio of 20.05 and a beta of 0.08. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $85.13.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.03. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period in the prior year, the company earned $0.60 earnings per share. Equities research analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.33%. Consolidated Edison’s dividend payout ratio is currently 66.67%.
A number of brokerages have commented on ED. Morgan Stanley raised their price objective on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research report on Thursday. UBS AG raised their price objective on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 8th. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Thursday, May 18th. Finally, Deutsche Bank AG lowered Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research report on Monday, May 8th. Five equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $76.96.
In other news, Director Linda S. Sanford acquired 900 shares of Consolidated Edison stock in a transaction dated Wednesday, May 17th. The stock was bought at an average cost of $79.74 per share, with a total value of $71,766.00. Following the completion of the transaction, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 1,319 shares of company stock valued at $106,510 over the last ninety days. 0.20% of the stock is owned by 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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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