M&T Bank Corp Buys 408 Shares of Consolidated Edison, Inc. (NYSE:ED)

M&T Bank Corp lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 58,806 shares of the utilities provider’s stock after purchasing an additional 408 shares during the quarter. M&T Bank Corp’s holdings in Consolidated Edison were worth $5,248,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ED. Assetmark Inc. increased its stake in Consolidated Edison by 1.5% in the 4th quarter. Assetmark Inc. now owns 604,376 shares of the utilities provider’s stock worth $53,929,000 after acquiring an additional 8,818 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Consolidated Edison by 29.7% during the 4th quarter. Victory Capital Management Inc. now owns 668,076 shares of the utilities provider’s stock valued at $59,612,000 after purchasing an additional 152,843 shares during the last quarter. Keybank National Association OH increased its position in shares of Consolidated Edison by 2.4% during the 4th quarter. Keybank National Association OH now owns 9,117 shares of the utilities provider’s stock valued at $814,000 after purchasing an additional 213 shares during the last quarter. SWS Partners increased its position in shares of Consolidated Edison by 11.7% during the 4th quarter. SWS Partners now owns 20,563 shares of the utilities provider’s stock valued at $1,835,000 after purchasing an additional 2,150 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its position in shares of Consolidated Edison by 198.0% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 21,424 shares of the utilities provider’s stock valued at $1,911,000 after purchasing an additional 14,234 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on ED. Scotiabank increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. UBS Group increased their price objective on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. Mizuho increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, Barclays increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average target price of $101.50.

Consolidated Edison Trading Up 2.8 %

NYSE ED opened at $103.73 on Friday. Consolidated Edison, Inc. has a fifty-two week low of $87.16 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a 50 day simple moving average of $94.39 and a two-hundred day simple moving average of $98.04. The stock has a market cap of $35.97 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. On average, analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.28%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Consolidated Edison Company 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.