Rockland Trust Co. Buys 491 Shares of Consolidated Edison, Inc. (NYSE:ED)

Rockland Trust Co. grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 104,226 shares of the utilities provider’s stock after buying an additional 491 shares during the period. Rockland Trust Co.’s holdings in Consolidated Edison were worth $9,300,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison during the third quarter worth $27,000. Ashton Thomas Securities LLC acquired a new position in Consolidated Edison in the third quarter valued at about $30,000. Future Financial Wealth Managment LLC bought a new stake in shares of Consolidated Edison in the third quarter worth about $55,000. FSA Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth about $55,000. Finally, Webster Bank N. A. lifted its holdings in shares of Consolidated Edison by 189.5% during the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 379 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.9 %

NYSE:ED opened at $89.28 on Wednesday. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The firm has a market capitalization of $30.93 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 3.11 and a beta of 0.38. 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 stock’s 50 day moving average price is $93.72 and its two-hundred day moving average price is $97.90.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Equities research analysts expect that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.72%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Ratings Changes

Several brokerages have commented on ED. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays cut their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Morgan Stanley reduced their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $100.64.

About Consolidated Edison

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.