Convergence Investment Partners LLC Acquires Shares of 11,331 Consolidated Edison Inc $ED

Convergence Investment Partners LLC bought a new stake in shares of Consolidated Edison Inc (NYSE:ED) in the first quarter, HoldingsChannel reports. The institutional investor bought 11,331 shares of the utilities provider’s stock, valued at approximately $1,282,000.

Several other large investors also recently modified their holdings of the stock. Earned Wealth Advisors LLC increased its position in shares of Consolidated Edison by 5.8% in the first quarter. Earned Wealth Advisors LLC now owns 2,522 shares of the utilities provider’s stock worth $285,000 after purchasing an additional 138 shares during the period. Meeder Asset Management Inc. lifted its position in Consolidated Edison by 419.5% during the first quarter. Meeder Asset Management Inc. now owns 19,814 shares of the utilities provider’s stock worth $2,243,000 after purchasing an additional 16,000 shares during the period. Meeder Advisory Services Inc. grew its stake in Consolidated Edison by 6.1% during the first quarter. Meeder Advisory Services Inc. now owns 12,478 shares of the utilities provider’s stock worth $1,412,000 after buying an additional 714 shares in the last quarter. Hamel Associates Inc. increased its holdings in Consolidated Edison by 1.9% in the 1st quarter. Hamel Associates Inc. now owns 51,867 shares of the utilities provider’s stock valued at $5,870,000 after buying an additional 970 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Consolidated Edison by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,447,524 shares of the utilities provider’s stock valued at $163,831,000 after buying an additional 7,254 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $109.87 on Wednesday. The stock has a market cap of $40.49 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 2.82 and a beta of 0.27. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The company’s fifty day moving average is $108.65 and its 200 day moving average is $108.80. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison’s payout ratio is 59.76%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Finally, Evercore set a $116.00 price target on Consolidated Edison in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $108.07.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.