Summit Trail Advisors LLC Increases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Summit Trail Advisors LLC increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 34.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,951 shares of the utilities provider’s stock after buying an additional 6,092 shares during the period. Summit Trail Advisors LLC’s holdings in Consolidated Edison were worth $2,142,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ED. Retirement Planning Co of New England Inc. increased its position in shares of Consolidated Edison by 4.2% during the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after buying an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after acquiring an additional 100 shares in the last quarter. Syon Capital LLC increased its holdings in Consolidated Edison by 2.3% during the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock worth $542,000 after acquiring an additional 136 shares during the period. G&S Capital LLC lifted its stake in Consolidated Edison by 1.6% in the 1st quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock worth $794,000 after purchasing an additional 139 shares in the last quarter. Finally, Checchi Capital Advisers LLC grew its position in shares of Consolidated Edison by 2.6% during the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after purchasing an additional 141 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Scotiabank increased their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. UBS Group boosted their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Mizuho boosted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $93.42.

Consolidated Edison Price Performance

ED stock opened at $103.35 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The firm has a 50-day moving average of $100.08 and a 200 day moving average of $94.66. The company has a market cap of $35.74 billion, a P/E ratio of 19.84, a PEG ratio of 3.50 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the company earned $0.61 EPS. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Consolidated Edison 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.