Public Sector Pension Investment Board Acquires 2,814 Shares of Consolidated Edison Inc (NYSE:ED)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Consolidated Edison Inc by 3.1% in Q1, now owning 92,658 shares valued at approximately $10.25 million.
• Analysts have mixed ratings on the stock, with price targets ranging from $92.00 to $114.00, and an average rating of "Hold".
• Consolidated Edison announced a quarterly dividend of $0.85 per share, reflecting an annualized yield of 3.3%, with a payout ratio of 61.71%.

Public Sector Pension Investment Board lifted its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 92,658 shares of the utilities provider's stock after buying an additional 2,814 shares during the period. Public Sector Pension Investment Board's holdings in Consolidated Edison were worth $10,247,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ED. Revolve Wealth Partners LLC lifted its position in Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock valued at $332,000 after purchasing an additional 441 shares during the period. Federated Hermes Inc. grew its stake in Consolidated Edison by 262.9% in the 4th quarter. Federated Hermes Inc. now owns 2,613 shares of the utilities provider's stock worth $233,000 after acquiring an additional 1,893 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at $24,294,000. Townsquare Capital LLC lifted its holdings in shares of Consolidated Edison by 6.2% during the 4th quarter. Townsquare Capital LLC now owns 5,921 shares of the utilities provider's stock valued at $528,000 after acquiring an additional 347 shares in the last quarter. Finally, Sagespring Wealth Partners LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth about $311,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on ED shares. Wells Fargo & Company increased their price objective 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. Barclays set a $107.00 price objective on shares of Consolidated Edison and gave the company an "underweight" rating in a research report on Wednesday. Bank of America reiterated an "underperform" rating and set a $101.00 price target (down previously from $112.00) on shares of Consolidated Edison in a research report on Friday. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Finally, Scotiabank lifted their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $105.82.

Consolidated Edison Price Performance

Shares of ED stock traded down $2.00 during trading on Friday, hitting $100.86. The company had a trading volume of 3,098,720 shares, compared to its average volume of 2,209,880. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The stock's 50-day moving average is $101.70 and its two-hundred day moving average is $103.54. The stock has a market capitalization of $36.38 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 3.22 and a beta of 0.24. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share 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 during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. As a group, analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 (DPR) is presently 61.71%.

Consolidated Edison Profile

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.