Russell Investments Group Ltd. Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

Russell Investments Group Ltd. increased its stake in shares of Consolidated Edison, Inc. (NYSE:EDGet Rating) by 7.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 420,647 shares of the utilities provider’s stock after purchasing an additional 27,472 shares during the period. Russell Investments Group Ltd. owned 0.12% of Consolidated Edison worth $36,264,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ED. Chilton Capital Management LLC bought a new position in shares of Consolidated Edison during the 2nd quarter valued at about $158,000. Wealthspire Advisors LLC grew its position in Consolidated Edison by 14.2% during the 2nd quarter. Wealthspire Advisors LLC now owns 4,729 shares of the utilities provider’s stock worth $450,000 after acquiring an additional 589 shares during the last quarter. Greenleaf Trust grew its position in Consolidated Edison by 3.9% during the 2nd quarter. Greenleaf Trust now owns 5,524 shares of the utilities provider’s stock worth $525,000 after acquiring an additional 207 shares during the last quarter. Veriti Management LLC grew its position in Consolidated Edison by 25.6% during the 2nd quarter. Veriti Management LLC now owns 8,706 shares of the utilities provider’s stock worth $828,000 after acquiring an additional 1,777 shares during the last quarter. Finally, Truist Financial Corp grew its position in Consolidated Edison by 80.9% during the 3rd quarter. Truist Financial Corp now owns 103,022 shares of the utilities provider’s stock worth $8,835,000 after acquiring an additional 46,088 shares during the last quarter. Hedge funds and other institutional investors own 64.95% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on ED. UBS Group raised their price target on Consolidated Edison to $96.00 in a research report on Monday, November 21st. StockNews.com assumed coverage on Consolidated Edison in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley raised their target price on Consolidated Edison from $78.00 to $79.00 and gave the company an “underweight” rating in a research note on Monday. Wells Fargo & Company raised their target price on Consolidated Edison from $87.00 to $98.00 in a research note on Wednesday, December 14th. Finally, KeyCorp lowered their target price on Consolidated Edison from $75.00 to $69.00 and set an “underweight” rating for the company in a research note on Thursday, October 20th. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $86.73.

Consolidated Edison Stock Performance

Shares of ED opened at $94.05 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.83 and a quick ratio of 0.75. Consolidated Edison, Inc. has a one year low of $78.10 and a one year high of $102.21. The firm has a market capitalization of $33.37 billion, a P/E ratio of 19.72, a PEG ratio of 9.60 and a beta of 0.34. The business has a fifty day moving average of $96.00 and a 200 day moving average of $94.07.

Consolidated Edison (NYSE:EDGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The utilities provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.16. Consolidated Edison had a return on equity of 8.17% and a net margin of 11.25%. The business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $3.73 billion. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.56 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.44%. The ex-dividend date is Tuesday, February 14th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.79. Consolidated Edison’s payout ratio is currently 66.25%.

Consolidated Edison Profile

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Consolidated Edison, Inc operates as a holding company, which through its subsidiaries engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York(CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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