OLD National Bancorp IN Has $494,000 Stake in Consolidated Edison, Inc. (NYSE:ED)

OLD National Bancorp IN lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 15.6% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 4,744 shares of the utilities provider’s stock after selling 879 shares during the period. OLD National Bancorp IN’s holdings in Consolidated Edison were worth $494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ED. Beacon Capital Management LLC boosted its stake in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison in the 2nd quarter worth approximately $33,000. Versant Capital Management Inc boosted its stake in shares of Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after buying an additional 327 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Consolidated Edison in the 1st quarter worth approximately $48,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Barclays upped their price objective on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research note on Monday. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Finally, Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $98.73.

Consolidated Edison Trading Down 0.5 %

Shares of ED stock opened at $105.70 on Wednesday. The company’s fifty day simple moving average is $102.97 and its two-hundred day simple moving average is $96.91. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.10. The stock has a market capitalization of $36.55 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the prior year, the firm posted $0.61 earnings per share. As a group, analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.14%. Consolidated Edison’s payout ratio is currently 63.72%.

Consolidated Edison 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.