Gulf International Bank UK Ltd Acquires 201 Shares of Consolidated Edison, Inc. (NYSE:ED)

Gulf International Bank UK Ltd increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,546 shares of the utilities provider’s stock after acquiring an additional 201 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Consolidated Edison were worth $2,592,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ED. Financial Gravity Asset Management Inc. lifted its holdings in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Consolidated Edison in the fourth quarter valued at $29,000. Tidemark LLC bought a new stake in shares of Consolidated Edison in the fourth quarter valued at $29,000. Raleigh Capital Management Inc. bought a new stake in shares of Consolidated Edison in the fourth quarter valued at $29,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Consolidated Edison in the fourth quarter valued at $31,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $90.34 on Friday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $98.85. The business has a 50-day simple moving average of $93.56 and a 200 day simple moving average of $91.20. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock has a market cap of $31.24 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.29 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the business earned $1.83 earnings per share. The firm’s revenue was down 2.8% on a year-over-year basis. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 63.72%.

Wall Street Analyst Weigh In

ED has been the topic of several research reports. Morgan Stanley boosted their target price on Consolidated Edison from $73.00 to $80.00 and gave the company an “underweight” rating in a research note on Tuesday, May 28th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Mizuho boosted their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Finally, Barclays lifted their price target on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and an average target price of $89.58.

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.