Bank OZK Purchases Shares of 2,305 Consolidated Edison, Inc. (NYSE:ED)

Bank OZK acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,305 shares of the utilities provider’s stock, valued at approximately $210,000.

Several other institutional investors have also recently made changes to their positions in ED. Czech National Bank lifted its holdings in shares of Consolidated Edison by 47.0% in the 3rd quarter. Czech National Bank now owns 60,286 shares of the utilities provider’s stock valued at $5,156,000 after acquiring an additional 19,262 shares during the last quarter. Ballentine Partners LLC grew its holdings in Consolidated Edison by 6.6% during the 3rd quarter. Ballentine Partners LLC now owns 2,877 shares of the utilities provider’s stock worth $246,000 after acquiring an additional 178 shares in the last quarter. Valeo Financial Advisors LLC lifted its position in shares of Consolidated Edison by 13.5% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,557 shares of the utilities provider’s stock worth $219,000 after purchasing an additional 305 shares during the period. Ellsworth Advisors LLC boosted its stake in shares of Consolidated Edison by 0.5% during the third quarter. Ellsworth Advisors LLC now owns 47,749 shares of the utilities provider’s stock valued at $4,186,000 after purchasing an additional 247 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in Consolidated Edison by 3.7% during the third quarter. Harbor Capital Advisors Inc. now owns 9,105 shares of the utilities provider’s stock valued at $779,000 after buying an additional 326 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 1.3 %

Shares of ED traded down $1.18 during trading on Friday, reaching $92.93. 1,418,568 shares of the company traded hands, compared to its average volume of 2,051,882. The stock has a 50-day simple moving average of $89.52 and a 200-day simple moving average of $89.91. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44. The stock has a market cap of $32.11 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 8.75 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the firm posted $0.81 earnings per share. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.57%. Consolidated Edison’s payout ratio is currently 46.24%.

Analysts Set New Price Targets

A number of brokerages have commented 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 report on Friday, February 16th. Scotiabank lowered their price objective on 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. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Finally, Barclays increased their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $87.54.

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.