Spinnaker Trust Purchases New Holdings in Consolidated Edison Inc (NYSE:ED)

Spinnaker Trust acquired a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,567 shares of the utilities provider's stock, valued at approximately $284,000.

Other hedge funds also recently made changes to their positions in the company. Jacobi Capital Management LLC increased its stake in Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock worth $229,000 after buying an additional 104 shares in the last quarter. Glen Eagle Advisors LLC lifted its position in shares of Consolidated Edison by 6.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after acquiring an additional 111 shares in the last quarter. Richwood Investment Advisors LLC boosted its stake in shares of Consolidated Edison by 2.3% in the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock worth $463,000 after acquiring an additional 115 shares during the period. Western Wealth Management LLC grew its position in shares of Consolidated Edison by 0.7% during the first quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock worth $1,781,000 after purchasing an additional 116 shares in the last quarter. Finally, Integrated Advisors Network LLC raised its stake in Consolidated Edison by 1.6% during the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after purchasing an additional 121 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.39 on Tuesday, reaching $100.74. The company's stock had a trading volume of 2,749,128 shares, compared to its average volume of 2,375,679. The company has a 50-day simple moving average of $104.64 and a 200 day simple moving average of $100.84. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. 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 company has a market cap of $36.30 billion, a P/E ratio of 18.62, a PEG ratio of 3.13 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the business posted $2.15 EPS. As a group, equities 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 declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were given a $0.85 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.38%. Consolidated Edison's dividend payout ratio is presently 62.85%.

Wall Street Analyst Weigh In

ED has been the subject of several recent analyst reports. KeyCorp downgraded Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a research note on Wednesday, May 14th. Morgan Stanley lowered their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a report on Wednesday, June 18th. UBS Group raised their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Wells Fargo & Company lifted 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. Finally, Citigroup increased their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $105.27.

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.