Swiss National Bank Sells 800 Shares of Consolidated Edison Inc (NYSE:ED)

Swiss National Bank reduced its holdings in Consolidated Edison Inc (NYSE:ED) by 0.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 977,100 shares of the utilities provider’s stock after selling 800 shares during the quarter. Swiss National Bank owned 0.27% of Consolidated Edison worth $108,057,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Alpine Bank Wealth Management purchased a new stake in Consolidated Edison in the first quarter worth approximately $32,000. Fort Vancouver Investment Management LLC purchased a new stake in Consolidated Edison in the first quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC boosted its stake in Consolidated Edison by 64.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock worth $34,000 after buying an additional 120 shares in the last quarter. Elite Financial Inc. purchased a new stake in Consolidated Edison in the first quarter worth approximately $38,000. Finally, Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $104.55 on Friday. The stock has a fifty day moving average of $101.66 and a 200 day moving average of $103.18. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The firm has a market capitalization of $37.67 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 3.33 and a beta of 0.24. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.68%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the previous year, the business posted $0.59 EPS. As a group, research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison’s payout ratio is currently 62.85%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ED. Guggenheim increased their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Barclays increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. Mizuho increased their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Wells Fargo & Company increased their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $105.20.

Consolidated Edison Company 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.