FineMark National Bank & Trust Purchases 766 Shares of Consolidated Edison, Inc. (NYSE:ED)

FineMark National Bank & Trust raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 16.5% during the second quarter, Holdings Channel reports. The fund owned 5,408 shares of the utilities provider’s stock after buying an additional 766 shares during the period. FineMark National Bank & Trust’s holdings in Consolidated Edison were worth $484,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ED. Beacon Capital Management LLC grew its holdings in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Tidemark LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth about $29,000. Raleigh Capital Management Inc. bought a new stake in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Consolidated Edison during the 4th quarter valued at about $33,000. Finally, Pathway Financial Advisers LLC bought a new position in Consolidated Edison during the 1st quarter worth approximately $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Bank of America raised their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Scotiabank boosted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. UBS Group raised their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Barclays upped their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Down 0.5 %

ED stock opened at $103.32 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The business has a 50 day moving average of $97.19 and a 200 day moving average of $93.47. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99. The firm has a market cap of $35.73 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 3.43 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the prior year, the firm posted $0.61 EPS. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.21%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.