The Manufacturers Life Insurance Company Acquires 1,507 Shares of Consolidated Edison, Inc. (NYSE:ED)

The Manufacturers Life Insurance Company increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 242,614 shares of the utilities provider’s stock after buying an additional 1,507 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Consolidated Edison were worth $25,263,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Tidal Investments LLC raised its stake in shares of Consolidated Edison by 5.5% in the first quarter. Tidal Investments LLC now owns 7,204 shares of the utilities provider’s stock valued at $654,000 after acquiring an additional 375 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Consolidated Edison by 442.3% in the first quarter. Cetera Investment Advisers now owns 87,922 shares of the utilities provider’s stock valued at $7,984,000 after buying an additional 71,710 shares during the last quarter. Cetera Advisors LLC raised its holdings in shares of Consolidated Edison by 74.5% in the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock valued at $1,557,000 after buying an additional 7,324 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Consolidated Edison by 6.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 204,619 shares of the utilities provider’s stock worth $18,346,000 after acquiring an additional 11,982 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Consolidated Edison by 38.8% in the 2nd quarter. GAMMA Investing LLC now owns 4,976 shares of the utilities provider’s stock valued at $445,000 after acquiring an additional 1,391 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Down 1.0 %

Shares of ED stock opened at $100.59 on Friday. 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 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market cap of $34.85 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 3.41 and a beta of 0.36. The firm’s 50-day moving average is $101.75 and its 200-day moving average is $98.21.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $4.02 billion. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ED shares. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays cut their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Bank of America increased their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, Morgan Stanley lowered their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average target price of $99.13.

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.