Raymond James Financial Inc. Acquires New Position in Consolidated Edison, Inc. (NYSE:ED)

Raymond James Financial Inc. acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 272,261 shares of the utilities provider’s stock, valued at approximately $24,294,000.

A number of other institutional investors also recently bought and sold shares of ED. Wilmington Savings Fund Society FSB acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $776,000. JPMorgan Chase & Co. grew its position in Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after acquiring an additional 82,985 shares during the period. Hennessy Advisors Inc. increased its stake in Consolidated Edison by 2.8% during the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after acquiring an additional 3,900 shares during the last quarter. Gateway Investment Advisers LLC raised its position in Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after purchasing an additional 217,981 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after purchasing an additional 4,451 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent analyst reports. Scotiabank lifted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. UBS Group boosted their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Morgan Stanley raised their price target on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Mizuho boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Citigroup raised their target price on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $102.80.

Consolidated Edison Trading Up 0.4 %

ED opened at $111.94 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market capitalization of $40.32 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 3.05 and a beta of 0.27. The business has a fifty day moving average price of $104.76 and a 200 day moving average price of $99.24. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87.

Consolidated Edison (NYSE:ED) last released 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. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.04%. Consolidated Edison’s payout ratio is 64.89%.

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.