Public Sector Pension Investment Board Purchases 2,814 Shares of Consolidated Edison Inc (NYSE:ED)

Public Sector Pension Investment Board boosted its position in shares of Consolidated Edison Inc (NYSE:ED) by 3.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 92,658 shares of the utilities provider’s stock after acquiring an additional 2,814 shares during the period. Public Sector Pension Investment Board’s holdings in Consolidated Edison were worth $10,247,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 120 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $35,000. Finally, Elite Financial Inc. bought a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $38,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several analyst reports. Guggenheim raised their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Morgan Stanley reduced their price target on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating on the stock in a report on Wednesday, June 18th. Barclays set a $107.00 price target on Consolidated Edison and gave the stock an “underweight” rating in a report on Wednesday. Scotiabank increased their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a report on Monday. Finally, Wells Fargo & Company increased their price target on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $106.30.

Consolidated Edison Trading Down 0.1%

ED opened at $103.61 on Thursday. The stock’s fifty day moving average is $101.70 and its two-hundred day moving average is $103.36. The company has a market capitalization of $37.37 billion, a P/E ratio of 18.80, a PEG ratio of 3.31 and a beta of 0.24. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. During the same period last year, the business posted $0.59 EPS. Analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 61.71%.

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.