Grimes & Company Inc. Buys 169 Shares of Consolidated Edison, Inc. (NYSE:ED)

Grimes & Company Inc. lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 3.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,427 shares of the utilities provider’s stock after acquiring an additional 169 shares during the period. Grimes & Company Inc.’s holdings in Consolidated Edison were worth $565,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. ProShare Advisors LLC boosted its stake in Consolidated Edison by 6.6% during the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after buying an additional 123,654 shares during the period. Hsbc Holdings PLC boosted its stake in Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after buying an additional 11,785 shares during the period. Dimensional Fund Advisors LP boosted its stake in Consolidated Edison by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares during the period. Clean Energy Transition LLP boosted its stake in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in Consolidated Edison by 14.6% during the first quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock valued at $65,435,000 after buying an additional 91,559 shares during the period. Institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ED. Barclays lifted their price objective on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research note on Monday. Guggenheim raised their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $98.73.

Consolidated Edison Stock Performance

Shares of ED opened at $107.00 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The business’s 50 day moving average price is $103.10 and its 200-day moving average price is $96.98. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The stock has a market cap of $37.00 billion, a P/E ratio of 20.54, a P/E/G ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the firm posted $0.61 EPS. Equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.10%. Consolidated Edison’s payout ratio is currently 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.