Resona Asset Management Co. Ltd. Acquires Shares of 201,820 Consolidated Edison, Inc. (NYSE:ED)

Resona Asset Management Co. Ltd. acquired a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 201,820 shares of the utilities provider's stock, valued at approximately $18,018,000. Resona Asset Management Co. Ltd. owned 0.06% of Consolidated Edison at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ED. AlphaMark Advisors LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $27,000. OFI Invest Asset Management acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $44,000. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

ED has been the topic of a number of research analyst reports. Scotiabank raised their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a report on Monday, February 24th. Morgan Stanley lifted their price target on Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a research note on Thursday, March 20th. Evercore ISI cut Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 21st. Citigroup boosted their target price on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, UBS Group upped their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $102.80.

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Consolidated Edison Stock Performance

NYSE:ED traded up $1.29 during mid-day trading on Friday, hitting $109.59. The stock had a trading volume of 798,585 shares, compared to its average volume of 2,212,897. The company's 50 day simple moving average is $102.89 and its 200 day simple moving average is $98.89. The stock has a market cap of $39.47 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 3.05 and a beta of 0.27. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a $0.85 dividend. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison's dividend payout ratio is currently 64.89%.

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.