Montecito Bank & Trust Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Montecito Bank & Trust purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,833 shares of the utilities provider’s stock, valued at approximately $257,000.

Several other large investors have also recently modified their holdings of ED. Legal & General Group Plc boosted its position in Consolidated Edison by 0.5% during the third quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after acquiring an additional 27,850 shares during the last quarter. Northern Trust Corp boosted its position in shares of Consolidated Edison by 8.2% during the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares in the last quarter. Morgan Stanley grew its stake in Consolidated Edison by 1.8% during the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock worth $361,069,000 after purchasing an additional 72,915 shares during the period. Norges Bank bought a new stake in Consolidated Edison in the fourth quarter worth approximately $243,511,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Consolidated Edison by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after buying an additional 47,936 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED traded up $0.10 on Thursday, reaching $90.49. 796,175 shares of the company’s stock traded hands, compared to its average volume of 1,925,619. The stock’s 50 day simple moving average is $93.49 and its two-hundred day simple moving average is $91.22. The stock has a market cap of $31.29 billion, a PE ratio of 17.35, a PEG ratio of 2.29 and a beta of 0.35. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.

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

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is 63.72%.

Analyst Ratings Changes

A number of research analysts recently issued reports on ED shares. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. 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 report on Tuesday, May 28th. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Wells Fargo & Company raised their price objective on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $89.58.

Consolidated Edison Company 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.