State Street Corp Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

State Street Corp raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 1.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,429,218 shares of the utilities provider's stock after buying an additional 399,034 shares during the period. State Street Corp owned about 6.76% of Consolidated Edison worth $2,439,684,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ED. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the 3rd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter worth $30,000. TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison in the 2nd quarter worth $33,000. FSA Wealth Management LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter worth $55,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter worth $55,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ED. Scotiabank increased their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a "sector underperform" rating in a research note on Tuesday, August 20th. UBS Group increased their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a "neutral" rating in a research note on Friday, September 20th. Barclays dropped their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating for the company in a report on Friday, November 8th. Morgan Stanley dropped their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a report on Friday, November 22nd. Finally, Citigroup raised shares of Consolidated Edison from a "neutral" rating to a "buy" rating and increased their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $99.13.

Consolidated Edison Trading Down 1.9 %

Shares of NYSE:ED traded down $1.88 during trading on Friday, reaching $94.62. 706,322 shares of the company were exchanged, compared to its average volume of 1,882,456. The firm has a market capitalization of $32.78 billion, a PE ratio of 18.17, a P/E/G ratio of 3.27 and a beta of 0.36. The business's fifty day simple moving average is $101.27 and its 200-day simple moving average is $98.21. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, research analysts anticipate that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison's dividend payout ratio (DPR) is presently 62.52%.

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.