Zurcher Kantonalbank Zurich Cantonalbank Acquires 33,896 Shares of Consolidated Edison, Inc. (NYSE:ED)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 10.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 354,451 shares of the utilities provider’s stock after acquiring an additional 33,896 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Consolidated Edison were worth $32,244,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Diversified Trust Co boosted its holdings in shares of Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after acquiring an additional 21,604 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Consolidated Edison by 169.9% during the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after buying an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. acquired a new position in Consolidated Edison during the 4th quarter worth about $1,551,000. Mariner LLC lifted its holdings in Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after buying an additional 18,270 shares during the period. Finally, Comerica Bank acquired a new position in Consolidated Edison during the 3rd quarter worth about $8,014,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $87.42 on Wednesday. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.92. The firm has a market capitalization of $30.20 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 8.42 and a beta of 0.35. The business has a 50-day simple moving average of $88.85 and a 200 day simple moving average of $89.53. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the company posted $0.81 EPS. The firm’s revenue was down 14.6% compared to the same quarter last year. On average, research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.80%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Tuesday, February 13th. Consolidated Edison’s payout ratio is presently 46.24%.

Analyst Ratings Changes

Several brokerages have commented on ED. LADENBURG THALM/SH SH began coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price on the stock. Barclays lifted their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Royal Bank of Canada cut their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Scotiabank lifted their target price on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a report on Tuesday, February 20th. Finally, KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $87.96.

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.