Eastern Bank Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Eastern Bank acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,174 shares of the utilities provider’s stock, valued at approximately $435,000.

A number of other hedge funds have also recently made changes to their positions in the business. Brookstone Capital Management boosted its stake in Consolidated Edison by 4.3% in the 1st quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock worth $2,180,000 after purchasing an additional 981 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Consolidated Edison during the first quarter valued at $48,000. DGS Capital Management LLC increased its holdings in Consolidated Edison by 62.5% in the 1st quarter. DGS Capital Management LLC now owns 7,366 shares of the utilities provider’s stock valued at $669,000 after acquiring an additional 2,834 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Consolidated Edison by 41.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 396,576 shares of the utilities provider’s stock worth $36,013,000 after purchasing an additional 116,669 shares in the last quarter. Finally, Ausbil Investment Management Ltd bought a new position in shares of Consolidated Edison during the 1st quarter valued at about $4,643,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $107.40 on Thursday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.46. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The firm has a 50-day moving average price of $103.10 and a 200-day moving average price of $96.98. The firm has a market capitalization of $37.14 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the firm earned $0.61 earnings per share. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Ratings Changes

ED has been the topic of several research reports. Barclays lifted their target price on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a report on Monday. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Scotiabank upped 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 note on Tuesday, August 20th. Finally, Wells Fargo & Company increased 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. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $98.73.

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.