Bank of Montreal Can Buys 45,448 Shares of Consolidated Edison, Inc. (NYSE:ED)

Bank of Montreal Can lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 7.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 676,249 shares of the utilities provider’s stock after acquiring an additional 45,448 shares during the quarter. Bank of Montreal Can owned 0.20% of Consolidated Edison worth $70,364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ED. Capital Performance Advisors LLP bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Consolidated Edison in the third quarter worth approximately $30,000. Beacon Capital Management LLC grew its position in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Consolidated Edison during the first quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC bought a new position in Consolidated Edison in the second quarter worth approximately $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the subject of a number of recent research reports. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Scotiabank raised their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, UBS Group lifted their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $98.19.

Consolidated Edison Stock Up 2.3 %

ED opened at $101.72 on Wednesday. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a 50-day simple moving average of $101.85 and a two-hundred day simple moving average of $98.13. The company has a market capitalization of $35.24 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is 62.52%.

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.