Fifth Third Bancorp Increases Position in Consolidated Edison Inc $ED

Key Points

• Fifth Third Bancorp increased its stake in Consolidated Edison by 405.9% in the first quarter, adding 73,253 shares and bringing its total holdings to 91,300 shares valued at about $10.3 million.
• Other institutional investors also adjusted positions in ED, and overall 66.29% of the stock is owned by hedge funds and other institutions, signaling continued institutional interest in the utility.
• Analyst sentiment remains cautious: Consolidated Edison has an average rating of “Reduce” with an average price target of $108.07, while the stock recently traded at $112.11 and pays a quarterly dividend yielding about 3.2%.

Fifth Third Bancorp boosted its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 405.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 91,300 shares of the utilities provider's stock after acquiring an additional 73,253 shares during the quarter. Fifth Third Bancorp's holdings in Consolidated Edison were worth $10,333,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ED. Sachetta LLC lifted its holdings in shares of Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock worth $27,000 after buying an additional 102 shares during the period. Candriam S.C.A. boosted its holdings in shares of Consolidated Edison by 17.2% in the 1st quarter. Candriam S.C.A. now owns 102,000 shares of the utilities provider's stock valued at $11,544,000 after buying an additional 14,935 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Consolidated Edison by 26.2% in the first quarter. Sequoia Financial Advisors LLC now owns 36,498 shares of the utilities provider's stock valued at $4,131,000 after acquiring an additional 7,582 shares in the last quarter. Walled Lake Planning & Wealth Management LLC grew its stake in Consolidated Edison by 9.4% during the 1st quarter. Walled Lake Planning & Wealth Management LLC now owns 2,549 shares of the utilities provider's stock worth $289,000 after buying an additional 218 shares during the last quarter. Finally, Equitable Trust Co. grew its stake in shares of Consolidated Edison by 1.1% during the first quarter. Equitable Trust Co. now owns 11,342 shares of the utilities provider's stock worth $1,284,000 after acquiring an additional 128 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Evercore set a $116.00 price objective on shares of Consolidated Edison in a report on Monday, May 11th. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Mizuho restated a "neutral" rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Argus set a $112.00 price objective on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Finally, Barclays reduced their target price on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating for the company in a report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, Consolidated Edison presently has an average rating of "Reduce" and an average price target of $108.07.

Consolidated Edison Stock Up 0.3%

ED stock opened at $112.11 on Wednesday. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The firm's 50 day moving average price is $108.18 and its 200-day moving average price is $108.39. The firm has a market cap of $41.31 billion, a PE ratio of 18.87, a PEG ratio of 2.84 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were given a $0.8875 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. Consolidated Edison's dividend payout ratio is presently 59.76%.

About Consolidated Edison

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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