Fifth Third Bancorp Grows Stock Position in Consolidated Edison Inc $ED

Fifth Third Bancorp grew its stake in Consolidated Edison Inc (NYSE:ED) by 405.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 91,300 shares of the utilities provider’s stock after buying an additional 73,253 shares during the quarter. Fifth Third Bancorp’s holdings in Consolidated Edison were worth $10,333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GW&K Investment Management LLC boosted its position in shares of Consolidated Edison by 28.5% during the 4th quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 93 shares in the last quarter. Meadowbrook Wealth Management LLC increased its holdings in shares of Consolidated Edison by 2.2% in the 4th quarter. Meadowbrook Wealth Management LLC now owns 4,687 shares of the utilities provider’s stock valued at $466,000 after acquiring an additional 100 shares during the period. bLong Financial LLC increased its stake in Consolidated Edison by 1.3% in the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock valued at $772,000 after purchasing an additional 100 shares during the period. Sachetta LLC increased its position in Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 102 shares during the period. Finally, Bridgewater Advisors Inc. raised its stake in shares of Consolidated Edison by 1.6% during the fourth quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock worth $689,000 after purchasing an additional 105 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.3%

Shares of NYSE ED opened at $112.11 on Wednesday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $116.23. The stock’s 50-day simple moving average is $108.18 and its 200-day simple moving average is $108.39. The firm has a market cap of $41.31 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.84 and a beta of 0.27.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Wednesday, May 13th were paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, May 13th. Consolidated Edison’s payout ratio is 59.76%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ED shares. Wells Fargo & Company set a $98.00 price target on shares of Consolidated Edison in a report on Tuesday, April 21st. The Goldman Sachs Group reaffirmed a “sell” rating and set a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Argus set a $112.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Finally, Evercore set a $116.00 target price on shares of Consolidated Edison in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Reduce” and a consensus price target of $108.07.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.