JPMorgan Chase & Co. Raises Position in Consolidated Edison, Inc. (NYSE:ED)

JPMorgan Chase & Co. lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 4.0% in the third quarter, Holdings Channel.com reports. The firm owned 2,145,128 shares of the utilities provider’s stock after buying an additional 82,985 shares during the period. JPMorgan Chase & Co.’s holdings in Consolidated Edison were worth $223,373,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Pathway Financial Advisers LLC raised its position in Consolidated Edison by 10,302.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after purchasing an additional 24,211 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Consolidated Edison in the third quarter worth approximately $776,000. National Pension Service lifted its stake in shares of Consolidated Edison by 7.0% during the 3rd 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 last quarter. Brophy Wealth Management LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $521,000. Finally, Quantinno Capital Management LP boosted its holdings in Consolidated Edison by 42.6% during the 3rd quarter. Quantinno Capital Management LP now owns 43,941 shares of the utilities provider’s stock valued at $4,576,000 after acquiring an additional 13,124 shares during the period. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the subject of several research analyst reports. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Morgan Stanley dropped their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $99.96.

Consolidated Edison Trading Down 0.4 %

ED opened at $89.16 on Tuesday. 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 firm has a market cap of $30.89 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock has a fifty day moving average price of $96.90 and a 200-day moving average price of $98.01.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were paid a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.72%. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

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.