Commonwealth of Pennsylvania Public School Empls Retrmt SYS Trims Position in Consolidated Edison, Inc. (NYSE:ED)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 656,184 shares of the utilities provider’s stock after selling 2,515 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Consolidated Edison were worth $58,551,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ED. United Bank purchased a new stake in shares of Consolidated Edison in the third quarter valued at approximately $227,000. Empowered Funds LLC raised its position in Consolidated Edison by 7.6% during the 3rd quarter. Empowered Funds LLC now owns 5,785 shares of the utilities provider’s stock valued at $602,000 after purchasing an additional 409 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of Consolidated Edison by 7.1% in the 3rd quarter. Natixis Advisors LLC now owns 171,322 shares of the utilities provider’s stock worth $17,840,000 after buying an additional 11,419 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Consolidated Edison by 11.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 35,104 shares of the utilities provider’s stock worth $3,655,000 after buying an additional 3,716 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its stake in shares of Consolidated Edison by 3.6% during the third quarter. Meeder Advisory Services Inc. now owns 9,814 shares of the utilities provider’s stock valued at $1,022,000 after buying an additional 341 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of ED stock opened at $107.53 on Thursday. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $108.43. The business’s fifty day simple moving average is $97.12 and its 200-day simple moving average is $98.32. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a market cap of $37.29 billion, a PE ratio of 20.52, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were paid a $0.85 dividend. The ex-dividend date of this dividend was Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.16%. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Scotiabank upped their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Mizuho boosted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Barclays upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Finally, Morgan Stanley cut their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.50.

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.