Consolidated Edison Inc $ED Shares Newly Purchased by Associated Banc Corp

Key Points

• Associated Banc Corp bought 10,804 Consolidated Edison shares in the third quarter, valued at approximately $1.1 million. Institutional investors and hedge funds own 66.29% of the company’s stock.
• Con Edison reported quarterly earnings of $0.83 per share, beating the $0.76 analyst consensus, and revenue of $4.07 billion. It also declared a quarterly dividend of $0.8875 per share, equivalent to a 3.0% annual yield.
• Analysts’ consensus rating was “Reduce,” with an average price target of $108.09; the stock was trading at $120.31 in the report.

Associated Banc Corp acquired a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,804 shares of the utilities provider's stock, valued at approximately $1,104,000.

A number of other large investors have also made changes to their positions in ED. BlackRock Inc. bought a new position in Consolidated Edison in the second quarter worth $4,609,491,000. Deutsche Bank AG bought a new stake in Consolidated Edison during the 2nd quarter worth approximately $749,184,000. Legal & General Group Plc acquired a new stake in shares of Consolidated Edison in the second quarter valued at $494,352,000. Bank of New York Mellon Corp bought a new position in shares of Consolidated Edison in the second quarter worth about $231,014,000. Finally, Amundi raised its position in Consolidated Edison by 66.2% in the 1st quarter. Amundi now owns 3,872,404 shares of the utilities provider's stock worth $438,272,000 after purchasing an additional 1,543,069 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Performance

NYSE:ED opened at $120.31 on Thursday. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04. The stock has a 50 day simple moving average of $108.42 and a 200 day simple moving average of $109.19. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $120.93. The stock has a market cap of $44.49 billion, a P/E ratio of 19.76, a PEG ratio of 4.04 and a beta of 0.23.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.07. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period last year, the firm earned $0.67 earnings per share. Research analysts anticipate that Consolidated Edison Inc will post 6.10 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Wednesday, November 18th will be paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, November 18th. Consolidated Edison's payout ratio is currently 58.29%.

Analyst Ratings Changes

Several brokerages have recently issued reports on ED. Mizuho set a $108.00 target price on shares of Consolidated Edison in a research note on Wednesday, October 7th. HSBC initiated coverage on Consolidated Edison in a report on Thursday, October 22nd. They set a "hold" rating and a $104.00 price objective for the company. Royal Bank Of Canada decreased their target price on shares of Consolidated Edison from $110.00 to $109.00 in a research report on Monday, October 26th. Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $106.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Finally, KeyCorp cut their price objective on Consolidated Edison from $94.00 to $87.00 and set an "underweight" rating for the company in a report on Tuesday, October 13th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $108.09.

Consolidated Edison Company Profile

Consolidated Edison, Inc is a diversified energy company headquartered in New York City. Through its regulated utility subsidiaries, the company delivers electricity, natural gas and steam to residential, commercial and industrial customers.

Its principal subsidiary, Consolidated Edison Company of New York, provides electric service throughout New York City and Westchester County, along with gas service in Manhattan, the Bronx, parts of Queens and Westchester County, and steam service in parts of Manhattan.

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