WASHINGTON TRUST Co Acquires 85 Shares of Consolidated Edison Inc (ED)
WASHINGTON TRUST Co raised its position in shares of Consolidated Edison Inc (NYSE:ED) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,513 shares of the utilities provider’s stock after buying an additional 85 shares during the period. WASHINGTON TRUST Co’s holdings in Consolidated Edison were worth $526,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Tompkins Financial Corp purchased a new position in Consolidated Edison during the first quarter valued at approximately $118,000. Doyle Wealth Management purchased a new position in Consolidated Edison during the first quarter valued at approximately $373,000. Peoples Financial Services CORP. raised its position in Consolidated Edison by 194.2% in the first quarter. Peoples Financial Services CORP. now owns 4,284 shares of the utilities provider’s stock valued at $333,000 after buying an additional 2,828 shares during the last quarter. Pinnacle Bank purchased a new position in Consolidated Edison during the first quarter valued at approximately $354,000. Finally, Washington Trust Bank raised its position in Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock valued at $260,000 after buying an additional 2,452 shares during the last quarter. 54.90% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Inc (NYSE:ED) opened at 82.55 on Tuesday. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The firm has a 50-day moving average of $81.97 and a 200-day moving average of $79.45. The company has a market capitalization of $25.23 billion, a P/E ratio of 19.97 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last issued its earnings results 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. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the business posted $0.60 EPS. On average, analysts anticipate that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.34%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 66.67%.
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A number of analysts have recently issued reports on ED shares. BMO Capital Markets reissued a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research note on Friday, May 5th. Zacks Investment Research lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Wednesday, May 24th. BidaskClub raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their target price for the company from $88.00 to $83.50 in a research note on Tuesday, June 13th. Finally, UBS AG boosted their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research note on Monday, May 15th. Five equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $76.96.
In other news, Director Linda S. Sanford purchased 900 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average price 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 in the company, valued at approximately $697,565.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have acquired 1,292 shares of company stock worth $104,366. 0.20% of the stock is currently owned by corporate insiders.
About Consolidated Edison
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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