Commerce Bank Grows Holdings in Consolidated Edison, Inc. (NYSE:ED)

Commerce Bank raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,669 shares of the utilities provider’s stock after purchasing an additional 615 shares during the quarter. Commerce Bank’s holdings in Consolidated Edison were worth $4,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in ED. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison during the 3rd quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $30,000. Beacon Capital Management LLC grew its holdings in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Consolidated Edison in the first quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC bought a new stake in Consolidated Edison during the second quarter valued at approximately $33,000. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on ED. Guggenheim lifted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Scotiabank boosted their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Morgan Stanley dropped their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $98.19.

Consolidated Edison Trading Down 0.3 %

Shares of Consolidated Edison stock opened at $98.36 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a fifty day moving average of $102.01 and a 200 day moving average of $98.08. The company has a market capitalization of $34.07 billion, a P/E ratio of 18.52, a P/E/G ratio of 3.26 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced 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 is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.38%. Consolidated Edison’s payout ratio is 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.