Sandy Spring Bank Acquires 415 Shares of Consolidated Edison Inc (ED)
Sandy Spring Bank raised its position in Consolidated Edison Inc (NYSE:ED) by 12.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,641 shares of the utilities provider’s stock after buying an additional 415 shares during the period. Sandy Spring Bank’s holdings in Consolidated Edison were worth $283,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of ED. Stuart Chaussee & Associates Inc. boosted its position in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares in the last quarter. Tompkins Financial Corp acquired a new position in shares of Consolidated Edison during the first quarter worth about $118,000. Enterprise Financial Services Corp boosted its position in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock worth $121,000 after buying an additional 38 shares in the last quarter. Perennial Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth about $136,000. Finally, Atwood & Palmer Inc. boosted its position in shares of Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock worth $141,000 after buying an additional 1,200 shares in the last quarter. 57.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 84.85 on Friday. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 19.54 and a beta of 0.08. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.04. The firm has a 50 day moving average of $81.27 and a 200 day moving average of $76.64.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.27 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.08. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.05 billion. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. During the same period in the previous year, the business earned $1.18 earnings per share. Equities analysts predict that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th were given a $0.69 dividend. The ex-dividend date was Monday, May 15th. This represents a $2.76 dividend on an annualized basis and a yield of 3.25%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.59%.
ED has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a report on Thursday, May 18th. Jefferies Group LLC cut their target price on shares of Consolidated Edison from $82.50 to $81.50 and set a “buy” rating on the stock in a report on Tuesday, February 21st. Barclays PLC reissued an “equal weight” rating and issued a $82.00 target price (up previously from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. BMO Capital Markets reissued a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Monday, May 15th. Finally, Deutsche Bank AG raised their target price on shares of Consolidated Edison from $72.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Four analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $76.96.
In other news, Director Linda S. Sanford purchased 900 shares of Consolidated Edison stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the transaction, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders acquired 954 shares of company stock worth $76,036. Company insiders own 0.20% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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