ING Groep NV Acquires 11,916 Shares of Consolidated Edison Inc $ED

ING Groep NV raised its stake in shares of Consolidated Edison Inc (NYSE:ED) by 34.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 46,687 shares of the utilities provider’s stock after acquiring an additional 11,916 shares during the period. ING Groep NV’s holdings in Consolidated Edison were worth $4,693,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ED. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Consolidated Edison by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,819 shares of the utilities provider’s stock worth $7,320,000 after acquiring an additional 8,562 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Consolidated Edison by 3.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,028,686 shares of the utilities provider’s stock worth $103,404,000 after purchasing an additional 29,606 shares during the last quarter. Bryce Point Capital LLC purchased a new position in Consolidated Edison in the third quarter worth about $556,000. Atlantic Union Bankshares Corp grew its stake in shares of Consolidated Edison by 46.7% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 3,714 shares of the utilities provider’s stock valued at $373,000 after purchasing an additional 1,183 shares during the period. Finally, ATLAS Infrastructure Partners UK Ltd. increased its position in shares of Consolidated Edison by 4.8% during the 2nd quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock valued at $241,772,000 after purchasing an additional 110,666 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ED. KeyCorp dropped their price objective on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. TD Cowen started coverage on shares of Consolidated Edison in a research report on Friday, January 9th. They set a “hold” rating and a $105.00 price objective for the company. Royal Bank Of Canada restated a “sector perform” rating and issued a $118.00 price objective on shares of Consolidated Edison in a research note on Friday, January 23rd. Barclays lowered their target price on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. reduced their price target on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $104.20.

Consolidated Edison Trading Up 1.6%

Shares of Consolidated Edison stock opened at $111.65 on Friday. Consolidated Edison Inc has a fifty-two week low of $94.49 and a fifty-two week high of $114.87. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The company has a market capitalization of $40.30 billion, a P/E ratio of 19.52, a P/E/G ratio of 2.99 and a beta of 0.38. The company has a fifty day moving average of $101.82 and a 200 day moving average of $100.53.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be given a dividend of $0.8875 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, February 18th. Consolidated Edison’s dividend payout ratio (DPR) is 59.44%.

Insider Transactions at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of Consolidated Edison stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the sale, the director owned 38,661 shares of the company’s stock, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.19% of the company’s stock.

About Consolidated Edison

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.