NorthCrest Asset Manangement LLC Acquires 2,278 Shares of Consolidated Edison, Inc. (NYSE:ED)

NorthCrest Asset Manangement LLC raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 33.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,176 shares of the utilities provider’s stock after purchasing an additional 2,278 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Consolidated Edison were worth $955,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Forsta AP Fonden raised its position in shares of Consolidated Edison by 14.5% in the third quarter. Forsta AP Fonden now owns 141,100 shares of the utilities provider’s stock valued at $14,693,000 after buying an additional 17,900 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Consolidated Edison by 54.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 119,601 shares of the utilities provider’s stock valued at $12,444,000 after acquiring an additional 42,339 shares in the last quarter. Allworth Financial LP lifted its position in shares of Consolidated Edison by 3.3% during the 3rd quarter. Allworth Financial LP now owns 5,021 shares of the utilities provider’s stock valued at $523,000 after acquiring an additional 161 shares during the period. Lake Street Advisors Group LLC grew its holdings in shares of Consolidated Edison by 10.1% during the 3rd quarter. Lake Street Advisors Group LLC now owns 4,082 shares of the utilities provider’s stock worth $425,000 after purchasing an additional 375 shares in the last quarter. Finally, Busey Bank grew its holdings in shares of Consolidated Edison by 1.1% during the 3rd quarter. Busey Bank now owns 93,208 shares of the utilities provider’s stock worth $9,706,000 after purchasing an additional 989 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Guggenheim upped their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. UBS Group upped their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Scotiabank lifted their price target 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. Four 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 issued a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.73.

Consolidated Edison Stock Down 2.2 %

Shares of NYSE ED opened at $104.60 on Monday. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The company’s 50 day moving average price is $103.35 and its 200-day moving average price is $97.25. The company has a market capitalization of $36.17 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 3.57 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the business earned $0.61 earnings per share. Equities analysts forecast 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 will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.17%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.