Royal Bank of Canada Acquires 190,735 Shares of Consolidated Edison Inc $ED

Key Points

• Royal Bank of Canada increased its Consolidated Edison stake by 14.2% in the first quarter, adding 190,735 shares to own 1,532,584 shares valued at approximately $173.5 million.
• Consolidated Edison shares traded up 0.3% at $112.29, while institutional investors and hedge funds collectively owned 66.29% of the company.
• The company declared a quarterly dividend of $0.8875 per share, equivalent to an annualized $3.55 payout and a 3.2% yield. Analysts remain cautious, with a consensus “Reduce” rating and a $108.47 price target.

Royal Bank of Canada grew its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 14.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,532,584 shares of the utilities provider's stock after purchasing an additional 190,735 shares during the period. Royal Bank of Canada owned about 0.42% of Consolidated Edison worth $173,457,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ED. Basepoint Wealth LLC bought a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $26,000. JPL Wealth Management LLC bought a new position in Consolidated Edison during the 3rd quarter worth $26,000. Westfuller Advisors LLC bought a new position in Consolidated Edison during the 4th quarter worth $27,000. Sachetta LLC raised its holdings in Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 102 shares in the last quarter. Finally, Dorato Capital Management acquired a new position in Consolidated Edison in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Trading Up 0.3%

Shares of ED stock opened at $112.29 on Thursday. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The stock's fifty day moving average price is $109.34 and its two-hundred day moving average price is $109.35. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The company has a market cap of $41.38 billion, a PE ratio of 18.90, a P/E/G ratio of 2.91 and a beta of 0.27.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.2%. Consolidated Edison's dividend payout ratio (DPR) is 59.76%.

Analyst Ratings Changes

Several research firms have recently issued reports on ED. Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a research report on Tuesday, April 21st. Mizuho set a $114.00 price objective on shares of Consolidated Edison in a research note on Monday. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, Consolidated Edison has an average rating of "Reduce" and a consensus target price of $108.47.

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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