Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by SVB Wealth LLC

Posted by Defense World Staff on Feb 15th, 2023

SVB Wealth LLC increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 24.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,306 shares of the utilities provider’s stock after acquiring an additional 1,222 shares during the period. SVB Wealth LLC’s holdings in Consolidated Edison were worth $541,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. SBB Research Group LLC purchased a new position in Consolidated Edison in the 3rd quarter valued at about $211,000. Trustmark National Bank Trust Department lifted its stake in Consolidated Edison by 1.7% in the 3rd quarter. Trustmark National Bank Trust Department now owns 9,296 shares of the utilities provider’s stock valued at $797,000 after buying an additional 154 shares in the last quarter. Fort Point Capital Partners LLC lifted its stake in Consolidated Edison by 19.2% in the 3rd quarter. Fort Point Capital Partners LLC now owns 2,663 shares of the utilities provider’s stock valued at $228,000 after buying an additional 429 shares in the last quarter. Kistler Tiffany Companies LLC lifted its stake in Consolidated Edison by 16.1% in the 3rd quarter. Kistler Tiffany Companies LLC now owns 1,250 shares of the utilities provider’s stock valued at $107,000 after buying an additional 173 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Consolidated Edison by 1.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 185,683 shares of the utilities provider’s stock worth $15,924,000 after purchasing an additional 3,010 shares in the last quarter. 64.95% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of ED opened at $91.10 on Wednesday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.75 and a current ratio of 0.83. The company has a market capitalization of $32.33 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 9.53 and a beta of 0.35. The company’s 50 day simple moving average is $95.32 and its 200 day simple moving average is $94.06. Consolidated Edison, Inc. has a 1 year low of $78.10 and a 1 year high of $102.21.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, February 15th will be paid a dividend of $0.81 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.79. The ex-dividend date is Tuesday, February 14th. This represents a $3.24 annualized dividend and a dividend yield of 3.56%. Consolidated Edison’s dividend payout ratio is presently 67.92%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. Guggenheim decreased their target price on shares of Consolidated Edison from $94.00 to $82.00 in a research note on Monday, October 24th. Morgan Stanley lifted their price target on shares of Consolidated Edison from $78.00 to $79.00 and gave the company an “underweight” rating in a research report on Monday, January 23rd. Mizuho lowered shares of Consolidated Edison from a “buy” rating to a “neutral” rating and lifted their price target for the company from $91.00 to $98.00 in a research report on Monday, January 9th. JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating for the company in a report on Thursday, February 2nd. Finally, Bank of America upgraded shares of Consolidated Edison from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $78.00 to $95.00 in a report on Wednesday, November 30th. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $86.75.

Consolidated Edison Profile

(Get Rating)

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.