Consolidated Edison, Inc. (NYSE:ED) Position Increased by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,546 shares of the utilities provider’s stock after purchasing an additional 201 shares during the period. Gulf International Bank UK Ltd’s holdings in Consolidated Edison were worth $2,592,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. increased its stake in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at $29,000. Tidemark LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison during the fourth quarter valued at $29,000. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at $31,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $90.34 on Friday. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month 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. The company has a market capitalization of $31.24 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.29 and a beta of 0.35. The firm has a 50-day moving average of $93.56 and a two-hundred day moving average of $91.20.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the prior year, the company earned $1.83 EPS. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. As a group, analysts expect 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 issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.68%. Consolidated Edison’s payout ratio is presently 63.72%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ED. Mizuho boosted their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Barclays boosted their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th. Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Finally, Scotiabank reduced their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $89.58.

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.