Charles Schwab Investment Management Inc. Acquires 28,254 Shares of Consolidated Edison, Inc. (NYSE:ED)

Charles Schwab Investment Management Inc. grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,148,666 shares of the utilities provider’s stock after purchasing an additional 28,254 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Consolidated Edison were worth $223,741,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Hsbc Holdings PLC boosted its stake in Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after buying an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Consolidated Edison by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after acquiring an additional 125,859 shares in the last quarter. Swiss National Bank boosted its position in shares of Consolidated Edison by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock valued at $106,889,000 after acquiring an additional 3,500 shares during the last quarter. Clean Energy Transition LLP grew its holdings in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Consolidated Edison by 5.5% in the second quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock worth $63,413,000 after purchasing an additional 36,991 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.3 %

NYSE:ED opened at $98.36 on Friday. The firm has a 50 day moving average of $102.01 and a 200 day moving average of $98.08. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The stock has a market capitalization of $34.07 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 3.32 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data 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. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 dividend on an annualized basis and a yield of 3.38%. Consolidated Edison’s payout ratio is 62.52%.

Analysts Set New Price Targets

ED has been the subject of several research reports. Barclays lowered their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Bank of America boosted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Guggenheim increased their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Jefferies Financial Group began coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.