Raymond James Trust N.A. Buys 287 Shares of Consolidated Edison, Inc. (NYSE:ED)

Raymond James Trust N.A. lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,571 shares of the utilities provider’s stock after acquiring an additional 287 shares during the quarter. Raymond James Trust N.A.’s holdings in Consolidated Edison were worth $788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in ED. Capital Performance Advisors LLP acquired a new position in Consolidated Edison in the third quarter valued at $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $30,000. Beacon Capital Management LLC grew its stake in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison in the first quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the second quarter valued at approximately $33,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on ED shares. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Scotiabank boosted their target price on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, UBS Group increased their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $98.19.

Consolidated Edison Stock Up 1.1 %

Shares of NYSE:ED opened at $99.46 on Tuesday. The stock has a market cap of $34.45 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 3.31 and a beta of 0.36. The business’s 50 day moving average is $101.91 and its 200 day moving average is $98.10. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.34%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

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.