Commerce Bank Purchases 615 Shares of Consolidated Edison, Inc. (NYSE:ED)

Commerce Bank grew its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 38,669 shares of the utilities provider’s stock after acquiring an additional 615 shares during the quarter. Commerce Bank’s holdings in Consolidated Edison were worth $4,027,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Capital Performance Advisors LLP bought a new position in Consolidated Edison during the third quarter valued at $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison in the 3rd quarter valued at about $30,000. Beacon Capital Management LLC grew its position in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 300 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in Consolidated Edison in the first quarter worth about $33,000. Finally, TruNorth Capital Management LLC bought a new stake in Consolidated Edison during the second quarter worth approximately $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $98.36 on Friday. The firm has a 50 day moving average of $102.01 and a 200 day moving average of $98.08. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $34.07 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 62.52%.

Analyst Ratings Changes

ED has been the subject of a number of recent research reports. Bank of America lifted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank increased their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley dropped their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $98.19.

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.