Thrivent Financial for Lutherans Buys 1,489 Shares of Consolidated Edison, Inc. (NYSE:ED)

Thrivent Financial for Lutherans raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.0% during the second quarter, HoldingsChannel reports. The firm owned 31,388 shares of the utilities provider’s stock after purchasing an additional 1,489 shares during the period. Thrivent Financial for Lutherans’ holdings in Consolidated Edison were worth $2,806,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ED. Beacon Capital Management LLC grew its position in shares of Consolidated Edison by 2,307.7% in the 1st 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. acquired a new stake in Consolidated Edison during the 4th quarter valued at approximately $29,000. Pathway Financial Advisers LLC acquired a new stake in Consolidated Edison during the 1st quarter valued at approximately $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the 2nd quarter valued at $33,000. Finally, Quarry LP acquired a new position in shares of Consolidated Edison in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.9 %

Consolidated Edison stock opened at $104.05 on Monday. 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 firm has a market cap of $35.98 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. The firm’s 50 day moving average price is $101.15 and its two-hundred day moving average price is $95.16. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the company earned $0.61 earnings per share. On average, research analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. UBS Group upped their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Bank of America increased their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $93.81.

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.