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

Toronto Dominion Bank raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 59.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 178,331 shares of the utilities provider’s stock after buying an additional 66,370 shares during the period. Toronto Dominion Bank owned about 0.05% of Consolidated Edison worth $15,946,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Beacon Capital Management LLC raised its stake 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 acquiring an additional 300 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at $33,000. TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison during the 2nd quarter valued at $33,000. Finally, Quarry LP bought a new stake in Consolidated Edison in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on ED. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Barclays raised their price target on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Bank of America boosted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. UBS Group raised their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Finally, Wells Fargo & Company increased their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $93.81.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $103.13 on Friday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The stock’s 50 day simple moving average is $100.77 and its two-hundred day simple moving average is $94.94. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $35.67 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 3.52 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the previous year, the company posted $0.61 earnings per share. As a group, analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.22%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Consolidated Edison Company 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.