Principal Financial Group Inc. Increases Stake in Consolidated Edison Inc (ED)
Principal Financial Group Inc. lifted its position in Consolidated Edison Inc (NYSE:ED) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 464,578 shares of the utilities provider’s stock after acquiring an additional 5,323 shares during the period. Principal Financial Group Inc. owned 0.15% of Consolidated Edison worth $37,547,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Armbruster Capital Management Inc. increased its position in Consolidated Edison by 127.3% during the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. increased its position in Consolidated Edison by 138.3% during the 1st quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares in the last quarter. Oakworth Capital Inc. increased its position in Consolidated Edison by 10.5% during the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares in the last quarter. Enterprise Financial Services Corp increased its position in Consolidated Edison by 6.0% during the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after buying an additional 93 shares in the last quarter. Finally, Cypress Capital Management LLC WY increased its position in Consolidated Edison by 491.7% during the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after buying an additional 1,475 shares in the last quarter. 55.09% of the stock is owned by hedge funds and other institutional investors.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 471 shares of company stock worth $39,202 over the last three months. Corporate insiders own 0.20% of the company’s stock.
A number of research analysts recently weighed in on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Thursday, May 18th. BMO Capital Markets reaffirmed a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $76.96.
Consolidated Edison Inc (NYSE:ED) opened at 84.74 on Friday. The stock has a 50 day moving average price of $83.37 and a 200-day moving average price of $80.62. The stock has a market capitalization of $25.90 billion, a P/E ratio of 20.50 and a beta of 0.09. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $85.13.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period last year, the firm earned $0.60 earnings per share. Equities research analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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