Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by M&T Bank Corp

M&T Bank Corp boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,398 shares of the utilities provider’s stock after buying an additional 2,795 shares during the quarter. M&T Bank Corp’s holdings in Consolidated Edison were worth $6,081,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ED. State Street Corp boosted its stake in shares of Consolidated Edison by 1.7% during the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after acquiring an additional 399,034 shares in the last quarter. Geode Capital Management LLC grew its holdings in Consolidated Edison by 1.2% in 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 purchasing an additional 107,281 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Consolidated Edison by 1.3% in 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 buying an additional 28,254 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after buying an additional 11,785 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after buying an additional 125,859 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on ED. Barclays dropped their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price objective for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. 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 report on Friday, November 22nd. Jefferies Financial Group assumed coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $99.96.

Consolidated Edison Trading Up 1.1 %

Shares of ED stock opened at $90.03 on Monday. The firm’s 50-day simple moving average is $98.83 and its 200-day simple moving average is $98.06. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The firm has a market cap of $31.19 billion, a P/E ratio of 16.95, a PEG ratio of 3.11 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping 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%. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 62.52%.

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.