Verity & Verity LLC Acquires 297 Shares of Consolidated Edison, Inc. (NYSE:ED)

Verity & Verity LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 7.3% during the 3rd quarter, Holdings Channel reports. The firm owned 4,390 shares of the utilities provider’s stock after purchasing an additional 297 shares during the quarter. Verity & Verity LLC’s holdings in Consolidated Edison were worth $457,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Clean Energy Transition LLP raised its position in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares in the last quarter. International Assets Investment Management LLC raised its position in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after purchasing an additional 548,204 shares in the last quarter. Acadian Asset Management LLC raised its position in Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Consolidated Edison by 4,020.5% during the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after purchasing an additional 396,985 shares during the last quarter. Finally, AMF Tjanstepension AB boosted its holdings in shares of Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $96.45 on Tuesday. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock has a market cap of $33.41 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 3.24 and a beta of 0.36. The stock’s 50 day simple moving average is $102.51 and its two-hundred day simple moving average is $98.05. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.44%. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ED shares. Barclays dropped their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Bank of America increased their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Jefferies Financial Group assumed coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. UBS Group increased their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Finally, Wells Fargo & Company raised their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $98.35.

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.