Raymond James Financial Services Advisors Inc. Has $5.32 Million Stake in Consolidated Edison Inc (ED)
Raymond James Financial Services Advisors Inc. lifted its stake in Consolidated Edison Inc (NYSE:ED) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,880 shares of the utilities provider’s stock after buying an additional 3,802 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Consolidated Edison were worth $5,324,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Consolidated Edison by 1,771.1% during the 1st quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after purchasing an additional 22,816,233 shares during the period. Janus Henderson Group PLC increased its holdings in Consolidated Edison by 6,358.2% during the 2nd quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock valued at $185,940,000 after purchasing an additional 2,265,053 shares during the period. Vanguard Group Inc. increased its holdings in Consolidated Edison by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after purchasing an additional 725,857 shares during the period. Renaissance Technologies LLC increased its holdings in Consolidated Edison by 145.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after purchasing an additional 699,200 shares during the period. Finally, Morgan Stanley increased its holdings in Consolidated Edison by 28.0% during the 1st quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after purchasing an additional 649,615 shares during the period. Hedge funds and other institutional investors own 55.06% of the company’s stock.
In other news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have bought 158 shares of company stock worth $13,022. Insiders own 0.20% of the company’s stock.
Consolidated Edison Inc (NYSE:ED) traded down 0.08% during mid-day trading on Friday, reaching $83.46. The company’s stock had a trading volume of 247,672 shares. The stock has a market cap of $25.51 billion, a P/E ratio of 20.19 and a beta of 0.09. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $86.16. The firm’s 50 day moving average is $83.11 and its 200-day moving average is $81.68.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate 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 return on equity of 8.59% and a net margin of 10.57%. During the same period last year, the business posted $0.60 earnings per share. Equities analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were paid a dividend of $0.69 per share. The ex-dividend date was Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is presently 66.67%.
A number of research analysts recently issued reports on ED shares. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Monday, September 11th. Finally, Jefferies Group LLC restated a “hold” rating and set a $83.50 price target on shares of Consolidated Edison in a report on Thursday, August 31st. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $77.77.
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Consolidated Edison Company 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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