National Pension Service Grows Position in Consolidated Edison, Inc. (ED)
National Pension Service increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,622 shares of the utilities provider’s stock after purchasing an additional 6,923 shares during the quarter. National Pension Service’s holdings in Consolidated Edison were worth $24,858,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. 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 in the last quarter. AllSquare Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter valued at approximately $113,000. Asset Dedication LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $183,000. Day & Ennis LLC acquired a new stake in shares of Consolidated Edison during the second quarter valued at approximately $205,000. Finally, Tower Bridge Advisors acquired a new stake in shares of Consolidated Edison during the third quarter valued at approximately $208,000. Institutional investors and hedge funds own 55.50% of the company’s stock.
A number of research firms have recently issued reports on ED. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target on the stock. in a report on Tuesday, September 26th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a report on Thursday. JPMorgan Chase & Co. began coverage on shares of Consolidated Edison in a report on Friday, January 12th. They set an “underweight” rating and a $78.00 price target on the stock. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Guggenheim restated a “hold” rating and set a $88.00 price target on shares of Consolidated Edison in a report on Wednesday, January 3rd. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $80.29.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates 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 prior year, the company posted $1.51 EPS. equities research analysts expect that Consolidated Edison, Inc. will post 4.1 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 14th will be paid a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 3.65%. The ex-dividend date is Tuesday, February 13th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. Consolidated Edison’s dividend payout ratio is currently 69.00%.
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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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