Nisa Investment Advisors LLC increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 211,673 shares of the utilities provider’s stock after acquiring an additional 3,050 shares during the quarter. Nisa Investment Advisors LLC owned about 0.06% of Consolidated Edison worth $19,997,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in ED. BlackRock Inc. boosted its stake in shares of Consolidated Edison by 7.5% in the 2nd quarter. BlackRock Inc. now owns 31,370,484 shares of the utilities provider’s stock valued at $2,750,563,000 after purchasing an additional 2,198,264 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Consolidated Edison by 2,416.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,501,642 shares of the utilities provider’s stock valued at $131,665,000 after purchasing an additional 1,441,965 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Consolidated Edison by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 26,943,155 shares of the utilities provider’s stock valued at $2,362,375,000 after purchasing an additional 781,260 shares in the last quarter. Luminus Management LLC acquired a new position in Consolidated Edison during the 2nd quarter worth about $63,060,000. Finally, Zimmer Partners LP acquired a new position in Consolidated Edison during the 2nd quarter worth about $57,848,000. 59.80% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on the company. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. KeyCorp boosted their price objective on Consolidated Edison from $98.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Bank of America boosted their price objective on Consolidated Edison from $99.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Credit Suisse Group dropped their price objective on Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating for the company in a report on Tuesday, November 5th. Finally, Mizuho raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $93.00 to $98.00 in a report on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $92.51.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.04). The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.50 billion. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.98%. During the same quarter in the previous year, the business earned $1.57 EPS. Equities analysts anticipate that Consolidated Edison, Inc. will post 4.32 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Tuesday, November 12th. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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