Bank of Montreal Can Has $58.58 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Bank of Montreal Can raised its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 15.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 630,801 shares of the utilities provider’s stock after purchasing an additional 85,815 shares during the period. Bank of Montreal Can’s holdings in Consolidated Edison were worth $58,576,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Beacon Capital Management LLC increased its holdings in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the last quarter. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison in the fourth quarter worth approximately $29,000. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth $33,000. TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison during the 2nd quarter valued at $33,000. Finally, Quarry LP acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at $35,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.3 %

Shares of ED opened at $103.16 on Thursday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. The firm has a market capitalization of $35.68 billion, a P/E ratio of 19.80, a P/E/G ratio of 3.52 and a beta of 0.36. The company has a 50-day simple moving average of $100.58 and a 200-day simple moving average of $94.88. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the company earned $0.61 EPS. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.22%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Upgrades and Downgrades

Several research firms have commented on ED. Morgan Stanley increased their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday. Scotiabank raised their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Wells Fargo & Company boosted their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Guggenheim increased their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays boosted their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $93.81.

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.