Busey Bank Grows Holdings in Consolidated Edison, Inc. (NYSE:ED)

Busey Bank boosted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,208 shares of the utilities provider’s stock after acquiring an additional 989 shares during the period. Busey Bank’s holdings in Consolidated Edison were worth $9,706,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Sei Investments Co. grew its stake in shares of Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock worth $22,193,000 after acquiring an additional 89,080 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Consolidated Edison by 153.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock worth $22,321,000 after acquiring an additional 148,988 shares during the last quarter. Mizuho Markets Americas LLC increased its stake in shares of Consolidated Edison by 121.1% in the 1st quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock worth $10,323,000 after purchasing an additional 62,260 shares in the last quarter. AMF Tjanstepension AB bought a new position in Consolidated Edison in the 1st quarter worth $13,193,000. Finally, Plato Investment Management Ltd lifted its position in Consolidated Edison by 17,683.9% during the first quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock valued at $904,000 after purchasing an additional 9,903 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $107.00 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company’s 50-day moving average price is $103.10 and its 200-day moving average price is $96.98. The company has a market cap of $37.00 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the company earned $0.61 earnings per share. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued 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 yield of 3.10%. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ED shares. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Barclays increased their price target on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research note on Monday. Jefferies Financial Group initiated coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $98.73.

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.