Victory Capital Management Inc. Grows Position in Consolidated Edison Inc (ED)
Victory Capital Management Inc. lifted its stake in shares of Consolidated Edison Inc (NYSE:ED) by 39.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 167,380 shares of the utilities provider’s stock after acquiring an additional 47,549 shares during the period. Victory Capital Management Inc. owned 0.05% of Consolidated Edison worth $13,504,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Armbruster Capital Management Inc. raised its holdings in Consolidated Edison by 127.3% during the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after buying an additional 700 shares during the last quarter. WFG Advisors LP raised its holdings in Consolidated Edison by 19.6% during the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after buying an additional 214 shares during the last quarter. Oakworth Capital Inc. raised its holdings in Consolidated Edison by 10.5% during the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after buying an additional 137 shares during the last quarter. Enterprise Financial Services Corp raised its holdings in Consolidated Edison by 6.0% during the second quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after buying an additional 93 shares during the last quarter. Finally, Cypress Capital Management LLC WY raised its holdings in Consolidated Edison by 491.7% during the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock worth $143,000 after buying an additional 1,475 shares during the last quarter. Institutional investors own 55.30% of the company’s stock.
In related news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the transaction, the chief executive officer now owns 24,017 shares in the company, valued at $2,014,305.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have purchased 183 shares of company stock valued at $15,248. 0.20% of the stock is owned by company insiders.
ED has been the topic of several research reports. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Morgan Stanley upped their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday, August 10th. Jefferies Group LLC restated a “hold” rating and set a $83.50 price objective on shares of Consolidated Edison in a report on Thursday, August 31st. Finally, Evercore ISI downgraded shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price objective on the stock. in a report on Tuesday, September 26th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $78.96.
Consolidated Edison Inc (ED) opened at $88.31 on Tuesday. The firm has a market cap of $27,034.90, a PE ratio of 21.74, a P/E/G ratio of 7.08 and a beta of 0.10. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97. Consolidated Edison Inc has a 1 year low of $68.76 and a 1 year high of $88.66.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. During the same quarter in the previous year, the company posted $1.51 EPS. equities analysts forecast that Consolidated Edison Inc will post 4.1 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 annualized dividend and a yield of 3.13%. Consolidated Edison’s payout ratio is currently 69.00%.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
Receive News & Ratings for Consolidated Edison Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison Inc and related companies with MarketBeat.com's FREE daily email newsletter.