Assenagon Asset Management S.A. Raises Position in Consolidated Edison, Inc. (NYSE:ED)

Assenagon Asset Management S.A. increased its position in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 108.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 634,717 shares of the utilities provider's stock after purchasing an additional 330,113 shares during the quarter. Assenagon Asset Management S.A. owned 0.18% of Consolidated Edison worth $70,193,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Merit Financial Group LLC raised its holdings in Consolidated Edison by 16.8% during the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after purchasing an additional 1,533 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Consolidated Edison by 81.4% during the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock valued at $885,000 after buying an additional 4,451 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in Consolidated Edison by 22.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock worth $671,000 after buying an additional 1,366 shares in the last quarter. Sei Investments Co. increased its position in Consolidated Edison by 21.2% during the fourth quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider's stock worth $8,736,000 after buying an additional 17,147 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Consolidated Edison by 16.4% in the fourth quarter. Allworth Financial LP now owns 5,844 shares of the utilities provider's stock worth $530,000 after acquiring an additional 823 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Trading Up 1.1%

Shares of NYSE:ED traded up $1.17 during midday trading on Thursday, reaching $103.72. The company's stock had a trading volume of 1,902,560 shares, compared to its average volume of 2,294,496. The business has a 50 day moving average price of $106.81 and a 200 day moving average price of $100.47. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a market cap of $37.37 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The firm had revenue of $4.80 billion for the quarter, compared to analysts' expectations of $4.21 billion. During the same period last year, the firm posted $2.15 EPS. Research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is presently 62.85%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent research reports. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research report on Monday, February 24th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a research report on Thursday, May 22nd. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. UBS Group upped their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Finally, KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price objective on the stock. in a research note on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Consolidated Edison currently has an average rating of "Hold" and an average target price of $104.27.

About Consolidated Edison

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.