Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 581,180 shares of the utilities provider’s stock after purchasing an additional 2,296 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Consolidated Edison were worth $52,712,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Marino Stram & Associates LLC raised its holdings in Consolidated Edison by 0.6% during the 1st quarter. Marino Stram & Associates LLC now owns 19,623 shares of the utilities provider’s stock worth $1,782,000 after buying an additional 108 shares during the period. Sandy Spring Bank lifted its position in shares of Consolidated Edison by 11.4% in the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after acquiring an additional 125 shares in the last quarter. Syon Capital LLC lifted its position in shares of Consolidated Edison by 2.3% in the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock valued at $542,000 after acquiring an additional 136 shares in the last quarter. G&S Capital LLC boosted its stake in Consolidated Edison by 1.6% in the 1st quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock worth $794,000 after purchasing an additional 139 shares during the period. Finally, Pinnacle West Asset Management Inc. grew its position in Consolidated Edison by 5.1% during the 4th quarter. Pinnacle West Asset Management Inc. now owns 3,075 shares of the utilities provider’s stock worth $280,000 after purchasing an additional 148 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on ED. Mizuho increased their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Scotiabank decreased their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. UBS Group lifted their target price on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday. Barclays increased their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Finally, Morgan Stanley lowered their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $89.42.

Consolidated Edison Stock Down 0.1 %

Shares of ED stock traded down $0.07 on Friday, hitting $94.04. The company’s stock had a trading volume of 1,809,737 shares, compared to its average volume of 1,518,669. The stock has a market capitalization of $32.52 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 2.39 and a beta of 0.34. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The firm’s fifty day moving average price is $92.20 and its 200-day moving average price is $91.13. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.83 earnings per share. Research analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.53%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

About Consolidated Edison

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.