Sei Investments Co. raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 5.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 124,705 shares of the utilities provider’s stock after purchasing an additional 6,368 shares during the period. Sei Investments Co.’s holdings in Consolidated Edison were worth $9,725,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Cordasco Financial Network boosted its stake in shares of Consolidated Edison by 160.0% in the second quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock worth $101,000 after acquiring an additional 800 shares during the last quarter. First Mercantile Trust Co. acquired a new stake in shares of Consolidated Edison in the second quarter worth approximately $123,000. Bruderman Asset Management LLC acquired a new stake in shares of Consolidated Edison in the first quarter worth approximately $130,000. Howe & Rusling Inc. boosted its stake in shares of Consolidated Edison by 58.4% in the second quarter. Howe & Rusling Inc. now owns 1,804 shares of the utilities provider’s stock worth $141,000 after acquiring an additional 665 shares during the last quarter. Finally, Lee Financial Co acquired a new stake in shares of Consolidated Edison in the first quarter worth approximately $153,000. 58.10% of the stock is currently owned by institutional investors.
NYSE ED opened at $80.30 on Tuesday. The firm has a market cap of $25.25 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 6.34 and a beta of 0.06. The company has a current ratio of 0.63, a quick ratio of 0.57 and a debt-to-equity ratio of 0.97. Consolidated Edison, Inc. has a fifty-two week low of $71.12 and a fifty-two week high of $89.70.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.64 billion. Consolidated Edison had a return on equity of 8.52% and a net margin of 12.90%. During the same quarter in the previous year, the company posted $0.58 earnings per share. equities analysts anticipate that Consolidated Edison, Inc. will post 4.27 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th will be paid a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date is Tuesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.
A number of analysts have recently issued reports on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a research note on Tuesday, August 7th. ValuEngine lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, June 6th. Howard Weil started coverage on Consolidated Edison in a research note on Tuesday, July 24th. They issued a “sector underperform” rating on the stock. Barclays initiated coverage on Consolidated Edison in a research note on Tuesday, July 10th. They issued an “equal weight” rating and a $81.00 price target on the stock. Finally, Scotiabank initiated coverage on Consolidated Edison in a research note on Tuesday, July 24th. They set a “sell” rating and a $32.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $77.45.
About Consolidated Edison
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 3.4 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 1,600 customers in parts of Manhattan.
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