Consolidated Edison Inc $ED Stake Lifted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its stake in Consolidated Edison Inc (NYSE:ED) by 2.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 254,693 shares of the utilities provider’s stock after buying an additional 5,483 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Consolidated Edison were worth $28,826,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. GW&K Investment Management LLC increased its holdings in shares of Consolidated Edison by 28.5% in the 4th quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 93 shares during the period. bLong Financial LLC boosted its position in shares of Consolidated Edison by 1.3% during the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock worth $772,000 after buying an additional 100 shares during the period. Sachetta LLC increased its position in Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 102 shares during the period. Bridgewater Advisors Inc. increased its position in Consolidated Edison by 1.6% in the 4th quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock valued at $689,000 after acquiring an additional 105 shares during the period. Finally, Frank Rimerman Advisors LLC raised its stake in Consolidated Edison by 1.3% during the 1st quarter. Frank Rimerman Advisors LLC now owns 8,275 shares of the utilities provider’s stock valued at $937,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.2%

Shares of ED opened at $112.97 on Friday. The business’s 50-day moving average price is $109.04 and its 200 day moving average price is $109.01. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $41.63 billion, a P/E ratio of 19.02, a P/E/G ratio of 2.93 and a beta of 0.27. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s payout ratio is 59.76%.

Analysts Set New Price Targets

A number of brokerages have issued reports on ED. Morgan Stanley reiterated an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Barclays decreased their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a report on Monday, May 11th. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Finally, KeyCorp reduced their target price on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a report on Thursday. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $107.87.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.