Montecito Bank & Trust Grows Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Montecito Bank & Trust boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 78.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,105 shares of the utilities provider’s stock after buying an additional 2,247 shares during the period. Montecito Bank & Trust’s holdings in Consolidated Edison were worth $532,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ED. Retirement Planning Co of New England Inc. increased its stake in Consolidated Edison by 4.2% in the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in Consolidated Edison by 13.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares during the period. Brookstone Capital Management increased its stake in Consolidated Edison by 0.6% in the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock worth $2,517,000 after purchasing an additional 136 shares during the period. Checchi Capital Advisers LLC increased its stake in Consolidated Edison by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after purchasing an additional 141 shares during the period. Finally, Center For Asset Management LLC increased its stake in Consolidated Edison by 3.5% in the second quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock worth $390,000 after purchasing an additional 147 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent analyst reports. Scotiabank increased their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Barclays raised their price target on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Finally, Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Four research 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $98.73.

Consolidated Edison Price Performance

ED opened at $97.52 on Friday. The business’s 50-day moving average is $103.48 and its two-hundred day moving average is $97.85. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a market capitalization of $33.76 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.59%.

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.