Wilmington Savings Fund Society FSB Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Wilmington Savings Fund Society FSB acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 7,457 shares of the utilities provider’s stock, valued at approximately $776,000.

Other hedge funds have also modified their holdings of the company. Sfmg LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter worth about $208,000. World Investment Advisors LLC acquired a new position in Consolidated Edison in the third quarter valued at about $453,000. Sanctuary Advisors LLC grew its stake in Consolidated Edison by 23.6% during the third quarter. Sanctuary Advisors LLC now owns 55,318 shares of the utilities provider’s stock worth $5,441,000 after buying an additional 10,568 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Consolidated Edison by 5.0% during the third quarter. M&T Bank Corp now owns 58,398 shares of the utilities provider’s stock worth $6,081,000 after buying an additional 2,795 shares in the last quarter. Finally, Unigestion Holding SA raised its stake in shares of Consolidated Edison by 1,904.8% in the third quarter. Unigestion Holding SA now owns 320,188 shares of the utilities provider’s stock valued at $33,338,000 after acquiring an additional 304,217 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of ED stock opened at $92.69 on Monday. The firm’s 50 day moving average price is $100.02 and its two-hundred day moving average price is $98.22. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The stock has a market cap of $32.11 billion, a PE ratio of 17.46, a PEG ratio of 3.11 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analysts Set New Price Targets

ED has been the subject of a number of recent analyst reports. Barclays dropped their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the stock from $90.00 to $100.00 in a report on Thursday. Finally, Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $99.96.

Consolidated Edison Company 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.