Montecito Bank & Trust Grows Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Montecito Bank & Trust grew its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 5,311 shares of the utilities provider’s stock after acquiring an additional 206 shares during the period. Montecito Bank & Trust’s holdings in Consolidated Edison were worth $474,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new stake in Consolidated Edison in the third quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter valued at $30,000. FSA Wealth Management LLC bought a new position in shares of Consolidated Edison during the 3rd quarter valued at $55,000. Future Financial Wealth Managment LLC purchased a new position in Consolidated Edison in the 3rd quarter worth $55,000. Finally, Webster Bank N. A. lifted its stake in Consolidated Edison by 189.5% in the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 379 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ED has been the topic of a number of recent research reports. Barclays reduced their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group started 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. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Morgan Stanley lowered their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $100.64.

Consolidated Edison Trading Down 0.1 %

Shares of ED opened at $90.66 on Friday. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The firm has a market capitalization of $31.41 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 2.89 and a beta of 0.38. The firm’s 50-day moving average price is $92.99 and its 200-day moving average price is $97.93. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.35 EPS for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.75%. Consolidated Edison’s dividend payout ratio is 64.03%.

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.