Assetmark Inc. Acquires 9,831 Shares of Consolidated Edison, Inc. (NYSE:ED)

Assetmark Inc. raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 1.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 595,558 shares of the utilities provider's stock after buying an additional 9,831 shares during the period. Assetmark Inc. owned about 0.17% of Consolidated Edison worth $62,015,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. United Bank acquired a new position in shares of Consolidated Edison during the third quarter worth about $227,000. SpiderRock Advisors LLC lifted its position in Consolidated Edison by 18.2% during the 3rd quarter. SpiderRock Advisors LLC now owns 6,690 shares of the utilities provider's stock worth $697,000 after acquiring an additional 1,029 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in Consolidated Edison in the 3rd quarter worth approximately $564,000. Capital Performance Advisors LLP acquired a new stake in Consolidated Edison in the third quarter valued at approximately $27,000. Finally, Montecito Bank & Trust raised its stake in shares of Consolidated Edison by 78.6% during the third quarter. Montecito Bank & Trust now owns 5,105 shares of the utilities provider's stock valued at $532,000 after purchasing an additional 2,247 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ED shares. Bank of America raised their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a "buy" rating in a report on Monday, August 5th. Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating on the stock in a research note on Friday. Jefferies Financial Group initiated coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a "hold" rating and a $108.00 price objective for the company. Wells Fargo & Company lifted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. Finally, Citigroup upgraded Consolidated Edison from a "neutral" rating to a "buy" rating and increased their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $98.35.

Consolidated Edison Price Performance

ED traded up $0.55 on Friday, reaching $98.13. The company had a trading volume of 2,915,588 shares, compared to its average volume of 2,151,916. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $33.97 billion, a P/E ratio of 19.09, a PEG ratio of 3.34 and a beta of 0.36. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a fifty day moving average of $103.35 and a 200-day moving average of $97.89.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. Consolidated Edison's payout ratio is 64.59%.

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.