ABN Amro Investment Solutions Buys 13,835 Shares of Consolidated Edison Inc $ED

Key Points

• ABN Amro Investment Solutions increased its stake in Consolidated Edison by 46.8% in the first quarter, buying 13,835 additional shares and bringing its total holdings to 43,371 shares worth about $4.9 million.
• Consolidated Edison shares were up 2.1% to $112.11, with the stock trading near its 50-day and 200-day moving averages and carrying a market cap of about $41.3 billion.
• The company announced a quarterly dividend of $0.8875 per share, payable September 15, which annualizes to $3.55 per share for a yield of 3.2%.

ABN Amro Investment Solutions grew its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 46.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,371 shares of the utilities provider's stock after purchasing an additional 13,835 shares during the period. ABN Amro Investment Solutions' holdings in Consolidated Edison were worth $4,909,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Basepoint Wealth LLC purchased a new stake in Consolidated Edison during the fourth quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new position in shares of Consolidated Edison during the 3rd quarter valued at about $26,000. Westfuller Advisors LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $27,000. Sachetta LLC lifted its stake in shares of Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock valued at $27,000 after buying an additional 102 shares in the last quarter. Finally, Dorato Capital Management purchased a new stake in Consolidated Edison in the 4th quarter worth $28,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 2.1%

Shares of ED stock opened at $112.11 on Thursday. The company's 50-day moving average price is $108.77 and its 200-day moving average price is $108.89. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The stock has a market cap of $41.31 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.79 and a beta of 0.27. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. Consolidated Edison's payout ratio is currently 59.76%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ED. Weiss Ratings upgraded shares of Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Barclays lowered their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating for the company in a research note on Monday, May 11th. Evercore set a $116.00 price objective on Consolidated Edison in a research report on Monday, May 11th. Mizuho reaffirmed a "neutral" rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Finally, KeyCorp raised their target price on Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $108.07.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

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