JPMorgan Chase & Co. Acquires 82,985 Shares of Consolidated Edison, Inc. (NYSE:ED)

JPMorgan Chase & Co. grew its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,145,128 shares of the utilities provider’s stock after purchasing an additional 82,985 shares during the period. JPMorgan Chase & Co. owned about 0.62% of Consolidated Edison worth $223,373,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ED. State Street Corp grew its position in Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares during the period. Geode Capital Management LLC increased its position in Consolidated Edison by 1.2% during the third quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock valued at $919,041,000 after acquiring an additional 107,281 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Consolidated Edison by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock valued at $223,741,000 after acquiring an additional 28,254 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Consolidated Edison by 0.8% in the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after acquiring an additional 11,785 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after purchasing an additional 125,859 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. UBS Group lifted their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Morgan Stanley lowered their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Finally, Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price target for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $99.96.

Consolidated Edison Trading Down 0.4 %

Consolidated Edison stock opened at $89.16 on Tuesday. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The firm’s 50 day moving average price is $96.90 and its 200-day moving average price is $98.01. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market cap of $30.89 billion, a P/E ratio of 16.79, a PEG ratio of 3.11 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results 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. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities analysts predict that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s payout ratio is 62.52%.

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.