Raymond James Trust N.A. Acquires 287 Shares of Consolidated Edison, Inc. (NYSE:ED)

Raymond James Trust N.A. boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,571 shares of the utilities provider’s stock after purchasing an additional 287 shares during the period. Raymond James Trust N.A.’s holdings in Consolidated Edison were worth $788,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Clean Energy Transition LLP increased its position in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after buying an additional 623,787 shares during the last quarter. International Assets Investment Management LLC increased its holdings in Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares during the last quarter. Acadian Asset Management LLC raised its stake in Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after acquiring an additional 532,893 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Consolidated Edison by 4,020.5% during the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock valued at $42,366,000 after purchasing an additional 396,985 shares during the last quarter. Finally, AMF Tjanstepension AB boosted its position in Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $99.46 on Tuesday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a market cap of $34.45 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36. The stock has a 50-day moving average price of $101.91 and a 200-day moving average price of $98.10.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.34%. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Wall Street Analyst Weigh In

ED has been the topic of several research reports. Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Scotiabank raised their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Bank of America boosted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Jefferies Financial Group assumed coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $98.19.

About Consolidated Edison

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.