Principal Financial Group Inc. Has $36.99 Million Holdings in Consolidated Edison Inc (ED)
Principal Financial Group Inc. lowered its stake in shares of Consolidated Edison Inc (NYSE:ED) by 1.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 458,460 shares of the utilities provider’s stock after selling 6,118 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Consolidated Edison worth $36,989,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of ED. Armbruster Capital Management Inc. raised its holdings in shares of Consolidated Edison by 127.3% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 700 shares during the period. WFG Advisors LP raised its holdings in shares of Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 214 shares during the period. Oakworth Capital Inc. raised its holdings in shares of Consolidated Edison by 10.5% in the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after purchasing an additional 137 shares during the period. Enterprise Financial Services Corp raised its holdings in shares of Consolidated Edison by 6.0% in the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after purchasing an additional 93 shares during the period. Finally, Cypress Capital Management LLC WY grew its stake in Consolidated Edison by 491.7% in the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after buying an additional 1,475 shares in the last quarter. 55.30% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 183 shares of company stock valued at $15,248 over the last quarter. 0.20% of the stock is owned by company insiders.
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Consolidated Edison Inc (NYSE ED) opened at $87.36 on Friday. Consolidated Edison Inc has a 1 year low of $68.85 and a 1 year high of $89.58. The stock has a market cap of $27,292.25, a price-to-earnings ratio of 21.95, a P/E/G ratio of 7.17 and a beta of 0.10. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. The company had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the firm posted $1.51 earnings per share. analysts predict that Consolidated Edison Inc will post 4.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be given a $0.69 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 annualized dividend and a yield of 3.16%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.00%.
A number of research analysts recently weighed in on the stock. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research note on Tuesday. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price objective for the company. in a research note on Tuesday, September 26th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Morgan Stanley lifted their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $80.32.
Consolidated Edison Company Profile
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).
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