BNP Paribas Financial Markets Has $82.96 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

BNP Paribas Financial Markets lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 10.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 796,682 shares of the utilities provider’s stock after selling 97,239 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.23% of Consolidated Edison worth $82,958,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ED. Capital Performance Advisors LLP acquired a new position in Consolidated Edison during the third quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison in the third quarter valued at approximately $30,000. Beacon Capital Management LLC grew its position in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison in the first quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $101.58 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The business has a 50-day moving average price of $101.81 and a two-hundred day moving average price of $98.15. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The company has a market cap of $35.19 billion, a P/E ratio of 19.13, a PEG ratio of 3.34 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. As a group, analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.27%. Consolidated Edison’s payout ratio is currently 62.52%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Bank of America upped their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Guggenheim upped their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Scotiabank upped their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $98.19.

Consolidated Edison 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.