WASHINGTON TRUST Co Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

WASHINGTON TRUST Co boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 13.1% in the 4th quarter, HoldingsChannel reports. The fund owned 10,818 shares of the utilities provider’s stock after buying an additional 1,255 shares during the quarter. WASHINGTON TRUST Co’s holdings in Consolidated Edison were worth $965,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ED. State Street Corp raised its position in Consolidated Edison by 1.7% during the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after purchasing an additional 399,034 shares during the last quarter. Geode Capital Management LLC raised its position in Consolidated Edison by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock valued at $919,041,000 after purchasing an additional 107,281 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Consolidated Edison by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock valued at $223,741,000 after purchasing an additional 28,254 shares during the last quarter. JPMorgan Chase & Co. raised its position in Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after purchasing an additional 82,985 shares during the last quarter. Finally, FMR LLC raised its position in Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.7 %

ED stock opened at $95.01 on Friday. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a market cap of $32.91 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39. The business has a 50 day moving average of $91.84 and a 200 day moving average of $98.13.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Analysts Set New Price Targets

A number of research analysts have commented on ED shares. Barclays lowered their price target on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Mizuho upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $100.00.

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.