Principal Financial Group Inc. Acquires 23,024 Shares of Consolidated Edison, Inc. (NYSE:ED)

Principal Financial Group Inc. grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 5.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 477,722 shares of the utilities provider's stock after acquiring an additional 23,024 shares during the quarter. Principal Financial Group Inc. owned about 0.14% of Consolidated Edison worth $49,745,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Beacon Capital Management LLC lifted its holdings in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider's stock worth $28,000 after acquiring an additional 300 shares during the period. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison during the first quarter worth $33,000. TruNorth Capital Management LLC acquired a new stake in shares of Consolidated Edison in the 2nd quarter valued at $33,000. Versant Capital Management Inc increased its stake in shares of Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider's stock valued at $37,000 after purchasing an additional 327 shares during the last quarter. Finally, ESL Trust Services LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth $54,000. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Morgan Stanley lifted their target price on Consolidated Edison from $82.00 to $87.00 and gave the company an "underweight" rating in a research report on Wednesday, September 25th. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, August 2nd. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a "hold" rating and a $108.00 price target for the company. Finally, Guggenheim boosted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and a consensus price target of $98.35.

Consolidated Edison Trading Up 0.4 %

ED stock traded up $0.35 during trading on Monday, hitting $98.48. The company had a trading volume of 1,953,667 shares, compared to its average volume of 1,862,791. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The business has a 50-day moving average of $103.35 and a 200-day moving average of $97.96. The stock has a market cap of $34.09 billion, a PE ratio of 18.48, a PEG ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.75%. Research analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.37%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison's dividend payout ratio (DPR) is presently 62.52%.

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.