Consolidated Edison Inc (ED) Stake Maintained by Palisade Capital Management LLC NJ
Palisade Capital Management LLC NJ maintained its position in Consolidated Edison Inc (NYSE:ED) during the second quarter, Holdings Channel reports. The firm owned 7,500 shares of the utilities provider’s stock at the end of the second quarter. Palisade Capital Management LLC NJ’s holdings in Consolidated Edison were worth $606,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Stuart Chaussee & Associates Inc. increased its position in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the period. Oakworth Capital Inc. boosted its stake in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares in the last quarter. Tompkins Financial Corp acquired a new stake in shares of Consolidated Edison during the first quarter valued at about $118,000. Enterprise Financial Services Corp boosted its stake in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares in the last quarter. Finally, Cypress Capital Management LLC WY boosted its stake in shares of Consolidated Edison by 491.7% in the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after buying an additional 1,475 shares in the last quarter. 55.61% of the stock is owned by institutional investors and hedge funds.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 83.26 on Thursday. The company has a 50-day moving average of $82.08 and a 200-day moving average of $79.18. The stock has a market capitalization of $25.43 billion, a price-to-earnings ratio of 19.18 and a beta of 0.08. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the firm earned $0.60 earnings per share. Equities research analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
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Several brokerages have recently issued reports on ED. UBS AG upped their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research report on Monday, May 8th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday. Jefferies Group LLC cut shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their target price for the company from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, BMO Capital Markets restated a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research report on Friday, May 5th. 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 company currently has a consensus rating of “Hold” and an average target price of $76.96.
In other news, Director Linda S. Sanford bought 900 shares of Consolidated Edison stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $79.74 per share, with a total value of $71,766.00. Following the completion of the purchase, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have acquired 1,319 shares of company stock worth $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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