Victory Capital Management Inc. Grows Holdings in Consolidated Edison, Inc. (NYSE:ED)

Victory Capital Management Inc. increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 3.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 682,088 shares of the utilities provider’s stock after acquiring an additional 21,716 shares during the quarter. Victory Capital Management Inc.’s holdings in Consolidated Edison were worth $62,050,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc grew its holdings in Consolidated Edison by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock worth $530,373,000 after acquiring an additional 27,850 shares in the last quarter. Northern Trust Corp raised its stake in shares of Consolidated Edison by 8.2% in the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares in the last quarter. Morgan Stanley lifted its position in shares of Consolidated Edison by 1.8% during the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock worth $361,069,000 after purchasing an additional 72,915 shares during the last quarter. Invesco Ltd. grew its stake in Consolidated Edison by 4.5% in the third quarter. Invesco Ltd. now owns 2,976,921 shares of the utilities provider’s stock worth $254,616,000 after purchasing an additional 129,519 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Consolidated Edison by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,984,449 shares of the utilities provider’s stock valued at $169,716,000 after buying an additional 26,910 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. UBS Group reduced their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Barclays raised their price objective on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Scotiabank lowered their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Royal Bank of Canada lowered their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $87.75.

Consolidated Edison Trading Up 0.3 %

Consolidated Edison stock opened at $95.56 on Friday. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.44. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $33.02 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 8.99 and a beta of 0.34. The firm has a 50-day moving average price of $90.21 and a two-hundred day moving average price of $90.13.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The business’s revenue was down 2.8% on a year-over-year basis. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.