Glenmede Trust Co. NA Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Glenmede Trust Co. NA raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,908 shares of the utilities provider’s stock after acquiring an additional 454 shares during the quarter. Glenmede Trust Co. NA’s holdings in Consolidated Edison were worth $1,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Consolidated Edison by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock worth $223,741,000 after acquiring an additional 28,254 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after buying an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Consolidated Edison by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares in the last quarter. FMR LLC lifted its stake in shares of Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of Consolidated Edison by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock valued at $106,889,000 after buying an additional 3,500 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ED shares. Morgan Stanley lowered their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Barclays reduced their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Finally, Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $99.13.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $100.59 on Monday. The company’s 50-day moving average price is $101.75 and its 200-day moving average price is $98.21. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market cap of $34.85 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 3.38 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.