Summit Trail Advisors LLC Boosts Stake in Consolidated Edison, Inc. (NYSE:ED)

Summit Trail Advisors LLC increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,269 shares of the utilities provider’s stock after purchasing an additional 218 shares during the quarter. Summit Trail Advisors LLC’s holdings in Consolidated Edison were worth $479,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ED. Newport Trust Company LLC purchased a new stake in Consolidated Edison during the third quarter worth about $51,134,000. International Assets Investment Management LLC increased its holdings in Consolidated Edison by 9,063.6% during the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the third quarter worth about $39,556,000. Northern Trust Corp increased its stake in shares of Consolidated Edison by 8.2% during the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after buying an additional 340,239 shares during the period. Finally, QRG Capital Management Inc. acquired a new position in Consolidated Edison during the 3rd quarter worth approximately $28,156,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED stock traded up $0.15 during midday trading on Tuesday, hitting $96.28. 469,278 shares of the company traded hands, compared to its average volume of 1,882,610. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.32. The business has a 50 day simple moving average of $90.41 and a 200-day simple moving average of $90.21. The stock has a market capitalization of $33.30 billion, a price-to-earnings ratio of 18.45, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.83 EPS. As a group, equities research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 63.72%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. UBS Group lowered their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Barclays boosted their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday. Scotiabank cut their target price on 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. Finally, Royal Bank of Canada dropped their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $87.75.

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.