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Deutsche Bank AG Purchases 2,223,959 Shares of Consolidated Edison Inc (NYSE:ED)

Consolidated Edison logo with Utilities background

Key Points

  • Deutsche Bank AG increased its stake in Consolidated Edison Inc by 130.6%, acquiring over 2.2 million shares to hold a total of approximately 3.9 million shares valued at $434 million.
  • The stock's current consensus rating is "Hold" with a price target of $104.70, while several analysts have revised their ratings with Mizuho upgrading it to "outperform."
  • Consolidated Edison has announced a $0.85 quarterly dividend, representing an annual yield of 3.2%, with a payout ratio of 62.85%.
  • Looking to Export and Analyze Consolidated Edison Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Deutsche Bank AG increased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 130.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,926,814 shares of the utilities provider's stock after acquiring an additional 2,223,959 shares during the quarter. Deutsche Bank AG owned approximately 1.09% of Consolidated Edison worth $434,266,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $32,000. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison during the first quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC raised its stake in Consolidated Edison by 64.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after buying an additional 120 shares in the last quarter. Elite Financial Inc. bought a new position in Consolidated Edison in the first quarter worth approximately $38,000. Finally, Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison during the fourth quarter worth $35,000. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ED. Morgan Stanley cut their price target on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a report on Wednesday, June 18th. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Guggenheim increased their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company raised their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.70.

View Our Latest Research Report on Consolidated Edison

Consolidated Edison Trading Up 0.9%

Consolidated Edison stock opened at $105.11 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The stock has a market cap of $37.87 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 3.32 and a beta of 0.24. The stock has a 50-day moving average of $101.66 and a two-hundred day moving average of $103.01. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period last year, the company posted $0.59 earnings per share. On average, research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's payout ratio is presently 62.85%.

About Consolidated Edison

(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)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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