Busey Bank Acquires 989 Shares of Consolidated Edison, Inc. (NYSE:ED)

Busey Bank raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 93,208 shares of the utilities provider’s stock after buying an additional 989 shares during the period. Busey Bank’s holdings in Consolidated Edison were worth $9,706,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Tectonic Advisors LLC increased its stake in Consolidated Edison by 14.4% in the 3rd quarter. Tectonic Advisors LLC now owns 56,651 shares of the utilities provider’s stock worth $5,899,000 after buying an additional 7,152 shares during the period. Dakota Wealth Management grew its stake in Consolidated Edison by 14.4% in the 3rd quarter. Dakota Wealth Management now owns 11,499 shares of the utilities provider’s stock worth $1,197,000 after acquiring an additional 1,446 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Consolidated Edison by 4,020.5% during the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after acquiring an additional 396,985 shares during the period. IFM Investors Pty Ltd raised its stake in shares of Consolidated Edison by 12.6% during the third quarter. IFM Investors Pty Ltd now owns 139,445 shares of the utilities provider’s stock valued at $14,520,000 after acquiring an additional 15,563 shares in the last quarter. Finally, Ausbil Investment Management Ltd bought a new stake in shares of Consolidated Edison during the third quarter valued at approximately $529,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.4 %

Shares of Consolidated Edison stock opened at $107.00 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The company has a market cap of $37.00 billion, a P/E ratio of 20.54, a PEG ratio of 3.46 and a beta of 0.36. The firm’s 50 day moving average price is $103.10 and its 200-day moving average price is $96.98. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period last year, the firm earned $0.61 earnings per share. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.10%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Analyst Ratings Changes

Several research firms have commented on ED. Jefferies Financial Group began coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Barclays upped their price objective on shares of Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research note on Monday. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Scotiabank boosted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $98.73.

About Consolidated Edison

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.