Assenagon Asset Management S.A. Increases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Assenagon Asset Management S.A. raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 16.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 185,962 shares of the utilities provider’s stock after purchasing an additional 26,399 shares during the period. Assenagon Asset Management S.A. owned 0.05% of Consolidated Edison worth $16,917,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ED. Retirement Group LLC boosted its holdings in shares of Consolidated Edison by 74.8% in the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 116 shares during the period. Financial Gravity Asset Management Inc. boosted its holdings in shares of Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the period. Level Financial Advisors Inc. acquired a new stake in shares of Consolidated Edison in the third quarter valued at approximately $26,000. Tyler Stone Wealth Management acquired a new stake in shares of Consolidated Edison in the second quarter valued at approximately $28,000. Finally, CGC Financial Services LLC acquired a new stake in shares of Consolidated Edison in the second quarter valued at approximately $30,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 3.0 %

Shares of ED stock opened at $90.05 on Thursday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.92. The stock has a market cap of $31.11 billion, a P/E ratio of 12.54, a P/E/G ratio of 8.34 and a beta of 0.35. The business has a fifty day simple moving average of $88.95 and a 200-day simple moving average of $89.53. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Tuesday, February 13th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.81. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

Analyst Upgrades and Downgrades

ED has been the subject of several research analyst reports. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price objective for the company. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. UBS Group decreased their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Scotiabank increased their price target on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. increased their price target on Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, November 29th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $87.96.

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.