Verition Fund Management LLC Grows Holdings in Consolidated Edison, Inc. (NYSE:ED)

Verition Fund Management LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 231.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,382 shares of the utilities provider’s stock after buying an additional 10,736 shares during the period. Verition Fund Management LLC’s holdings in Consolidated Edison were worth $1,602,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Simplicity Wealth LLC grew its position in Consolidated Edison by 6.5% during the second quarter. Simplicity Wealth LLC now owns 13,586 shares of the utilities provider’s stock valued at $1,215,000 after acquiring an additional 827 shares during the last quarter. Csenge Advisory Group bought a new position in shares of Consolidated Edison during the 2nd quarter valued at $204,000. SG Americas Securities LLC raised its position in Consolidated Edison by 26.7% in the 2nd quarter. SG Americas Securities LLC now owns 108,877 shares of the utilities provider’s stock worth $9,736,000 after purchasing an additional 22,954 shares during the period. Czech National Bank raised its position in Consolidated Edison by 8.5% in the 2nd quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock worth $5,893,000 after purchasing an additional 5,161 shares during the period. Finally, Ballast Inc. lifted its stake in Consolidated Edison by 8.6% in the second quarter. Ballast Inc. now owns 15,373 shares of the utilities provider’s stock worth $1,375,000 after purchasing an additional 1,213 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $94.82 on Friday. 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 firm’s 50-day moving average price is $101.27 and its 200-day moving average price is $98.21. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a market cap of $32.85 billion, a PE ratio of 17.86, a PEG ratio of 3.27 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, analysts anticipate that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.50%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ED. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Scotiabank lifted their price objective on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Morgan Stanley decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average price target of $99.13.

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.