Summit Trail Advisors LLC Has $479,000 Position in Consolidated Edison, Inc. (NYSE:ED)

Summit Trail Advisors LLC boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.3% in the fourth quarter, HoldingsChannel reports. The firm owned 5,269 shares of the utilities provider’s stock after purchasing an additional 218 shares during the quarter. Summit Trail Advisors LLC’s holdings in Consolidated Edison were worth $479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Newport Trust Company LLC acquired a new stake in Consolidated Edison during the third quarter worth approximately $51,134,000. International Assets Investment Management LLC increased its stake in shares of Consolidated Edison by 9,063.6% during the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Consolidated Edison during the 3rd quarter worth approximately $39,556,000. Northern Trust Corp boosted its stake in Consolidated Edison by 8.2% in the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares during the period. Finally, QRG Capital Management Inc. acquired a new position in Consolidated Edison in the 3rd quarter valued at $28,156,000. 66.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ED. Royal Bank of Canada reduced their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Barclays raised their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. UBS Group reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Scotiabank lowered their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $87.75.

Consolidated Edison Stock Performance

ED stock traded up $0.15 during midday trading on Tuesday, hitting $96.28. The company’s stock had a trading volume of 469,278 shares, compared to its average volume of 1,882,610. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.32. The stock’s 50-day moving average price is $90.41 and its 200 day moving average price is $90.21. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock has a market cap of $33.30 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the business posted $1.83 EPS. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is presently 63.72%.

Consolidated Edison 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.