Principal Financial Group Inc. lifted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.8% in the first quarter, Holdings Channel reports. The institutional investor owned 480,966 shares of the utilities provider’s stock after buying an additional 21,851 shares during the period. Principal Financial Group Inc.’s holdings in Consolidated Edison were worth $40,790,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Financial Gravity Companies Inc. purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $28,000. Sontag Advisory LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth $30,000. Field & Main Bank purchased a new position in shares of Consolidated Edison in the first quarter worth $30,000. Willingdon Wealth Management bought a new stake in Consolidated Edison in the first quarter worth $31,000. Finally, Financial Gravity Wealth Inc. bought a new stake in Consolidated Edison in the first quarter worth $32,000. Institutional investors own 59.44% of the company’s stock.

ED stock traded up $0.93 during trading on Wednesday, hitting $87.65. 21,335 shares of the company’s stock were exchanged, compared to its average volume of 1,998,811. The stock has a market cap of $28.57 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 10.09 and a beta of 0.13. Consolidated Edison, Inc. has a 52-week low of $71.12 and a 52-week high of $90.51. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.04. The company had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same quarter in the previous year, the business earned $1.38 earnings per share. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.38 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is 68.52%.

ED has been the topic of a number of research analyst reports. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and cut their price target for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price target for the company. in a research report on Tuesday, February 12th. Morgan Stanley increased their price target on shares of Consolidated Edison from $78.00 to $81.00 and gave the company an “underweight” rating in a research report on Tuesday, February 12th. Finally, Credit Suisse Group upped their price objective on shares of Consolidated Edison from $77.00 to $78.00 and gave the company an “underperform” rating in a report on Monday, February 25th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $78.92.

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Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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