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Resona Asset Management Co. Ltd. Increases Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Consolidated Edison logo with Utilities background

Key Points

  • Resona Asset Management Co. Ltd. increased its holdings in Consolidated Edison Inc by 6.0%, owning approximately 213,894 shares valued at $23.6 million as of the end of the first quarter.
  • The company's recent earnings report showed a profit of $0.67 per share, slightly beating analyst expectations, along with a quarterly revenue of $3.60 billion.
  • A quarterly dividend of $0.85 has been announced, providing an annualized yield of 3.3% for shareholders of record.
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Resona Asset Management Co. Ltd. boosted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 6.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 213,894 shares of the utilities provider's stock after purchasing an additional 12,074 shares during the period. Resona Asset Management Co. Ltd. owned about 0.06% of Consolidated Edison worth $23,587,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Peak Financial Management Inc. bought a new stake in Consolidated Edison during the 1st quarter worth approximately $200,000. Public Sector Pension Investment Board lifted its stake in Consolidated Edison by 3.1% during the 1st quarter. Public Sector Pension Investment Board now owns 92,658 shares of the utilities provider's stock valued at $10,247,000 after acquiring an additional 2,814 shares in the last quarter. AIA Group Ltd grew its stake in shares of Consolidated Edison by 1,416.1% in the 1st quarter. AIA Group Ltd now owns 42,875 shares of the utilities provider's stock worth $4,742,000 after acquiring an additional 40,047 shares in the last quarter. Independent Advisor Alliance grew its position in Consolidated Edison by 4.7% during the first quarter. Independent Advisor Alliance now owns 28,166 shares of the utilities provider's stock valued at $3,115,000 after buying an additional 1,259 shares during the period. Finally, Cobblestone Capital Advisors LLC NY boosted its position in Consolidated Edison by 8.5% during the first quarter. Cobblestone Capital Advisors LLC NY now owns 5,660 shares of the utilities provider's stock worth $626,000 after purchasing an additional 443 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Down 1.9%

ED traded down $2.00 on Friday, hitting $100.86. The company had a trading volume of 3,098,720 shares, compared to its average volume of 2,739,939. The stock has a fifty day moving average price of $101.71 and a 200-day moving average price of $103.42. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The stock has a market capitalization of $36.38 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 3.31 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same quarter last year, the firm posted $0.59 EPS. Analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.4%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is presently 61.71%.

Wall Street Analyst Weigh In

ED has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price 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. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Scotiabank reissued a "sector perform" rating and issued a $106.00 target price (up previously from $101.00) on shares of Consolidated Edison in a research report on Monday. Barclays set a $107.00 target price on shares of Consolidated Edison and gave the stock an "underweight" rating in a report on Wednesday. Finally, Morgan Stanley lowered their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $105.82.

Check Out Our Latest Report on Consolidated Edison

Consolidated Edison Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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