Peapack Gladstone Financial Corp Buys 1,441 Shares of Consolidated Edison, Inc. (NYSE:ED)

Peapack Gladstone Financial Corp raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,606 shares of the utilities provider’s stock after purchasing an additional 1,441 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Consolidated Edison were worth $2,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. increased its stake in Consolidated Edison by 3.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,276 shares of the utilities provider’s stock valued at $1,455,000 after acquiring an additional 529 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Consolidated Edison by 27.6% during the 2nd quarter. Blue Trust Inc. now owns 2,749 shares of the utilities provider’s stock valued at $250,000 after buying an additional 595 shares in the last quarter. Western Wealth Management LLC lifted its position in Consolidated Edison by 1.8% in the 2nd quarter. Western Wealth Management LLC now owns 15,996 shares of the utilities provider’s stock worth $1,430,000 after buying an additional 276 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in Consolidated Edison by 22.7% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 14,324 shares of the utilities provider’s stock worth $1,281,000 after buying an additional 2,651 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Consolidated Edison by 2.4% during the second quarter. Nisa Investment Advisors LLC now owns 131,826 shares of the utilities provider’s stock valued at $11,788,000 after acquiring an additional 3,027 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $92.69 on Friday. The business has a 50 day moving average of $100.02 and a 200 day moving average of $98.18. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a market cap of $32.11 billion, a PE ratio of 17.46, a P/E/G ratio of 3.11 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued 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 3.58%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research reports. Barclays cut their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price objective for the company from $90.00 to $100.00 in a research note on Thursday. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $99.96.

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.