Glenmede Trust Co. NA Grows Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Glenmede Trust Co. NA lifted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 17,908 shares of the utilities provider’s stock after purchasing an additional 454 shares during the period. Glenmede Trust Co. NA’s holdings in Consolidated Edison were worth $1,865,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Pathway Financial Advisers LLC raised its stake in shares of Consolidated Edison by 10,302.6% during the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after acquiring an additional 24,211 shares in the last quarter. Cetera Advisors LLC increased its stake in shares of Consolidated Edison by 74.5% in the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock worth $1,557,000 after acquiring an additional 7,324 shares during the period. National Pension Service increased its stake in shares of Consolidated Edison by 7.0% in the third quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock worth $48,792,000 after acquiring an additional 30,838 shares during the period. Czech National Bank increased its stake in shares of Consolidated Edison by 8.5% in the second quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock worth $5,893,000 after acquiring an additional 5,161 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of Consolidated Edison by 12.1% in the second quarter. Parallel Advisors LLC now owns 8,032 shares of the utilities provider’s stock worth $718,000 after acquiring an additional 869 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ED shares. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Scotiabank increased their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Finally, UBS Group increased their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $99.13.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $100.59 on Monday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The stock has a market cap of $34.85 billion, a P/E ratio of 18.94, a PEG ratio of 3.38 and a beta of 0.36. The company has a 50-day moving average price of $101.75 and a 200 day moving average price of $98.21. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.