ING Groep NV raised its stake in Consolidated Edison Inc (NYSE:ED) by 14.4% during the fourth quarter, Holdings Channel reports. The firm owned 109,502 shares of the company’s stock after buying an additional 13,769 shares during the period. ING Groep NV’s holdings in Consolidated Edison were worth $8,111,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its position in Consolidated Edison by 2.1% in the second quarter. State Street Corp now owns 19,133,842 shares of the company’s stock worth $1,539,121,000 after buying an additional 393,128 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Consolidated Edison by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 8,817,358 shares of the company’s stock worth $663,947,000 after buying an additional 182,557 shares during the period. BlackRock Fund Advisors increased its position in Consolidated Edison by 4.0% in the third quarter. BlackRock Fund Advisors now owns 8,718,296 shares of the company’s stock worth $656,488,000 after buying an additional 334,665 shares during the period. Bank of New York Mellon Corp increased its position in Consolidated Edison by 2.9% in the third quarter. Bank of New York Mellon Corp now owns 4,321,316 shares of the company’s stock worth $325,394,000 after buying an additional 122,990 shares during the period. Finally, BlackRock Group LTD increased its position in Consolidated Edison by 3.2% in the third quarter. BlackRock Group LTD now owns 3,389,953 shares of the company’s stock worth $255,263,000 after buying an additional 105,654 shares during the period. Hedge funds and other institutional investors own 53.92% of the company’s stock.
Consolidated Edison Inc (NYSE:ED) traded down 1.09% on Tuesday, reaching $73.54. The company’s stock had a trading volume of 159,043 shares. The firm has a market capitalization of $22.41 billion, a PE ratio of 18.12 and a beta of 0.02. Consolidated Edison Inc has a 52 week low of $68.44 and a 52 week high of $81.88. The stock’s 50 day moving average is $73.71 and its 200-day moving average is $74.03.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date is Monday, February 13th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.67. Consolidated Edison’s dividend payout ratio is 66.34%.
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ED has been the topic of a number of research reports. Vetr downgraded Consolidated Edison from a “buy” rating to a “hold” rating and set a $72.00 price objective on the stock. in a report on Tuesday, November 15th. Deutsche Bank AG restated a “hold” rating on shares of Consolidated Edison in a report on Friday, November 4th. Credit Suisse Group initiated coverage on Consolidated Edison in a report on Wednesday, January 25th. They issued an “underperform” rating and a $68.00 price objective on the stock. Zacks Investment Research downgraded Consolidated Edison from a “hold” rating to a “sell” rating in a report on Wednesday, January 11th. Finally, RBC Capital Markets reiterated a “hold” rating and issued a $77.00 target price on shares of Consolidated Edison in a research note on Wednesday, January 4th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Consolidated Edison currently has an average rating of “Hold” and an average target price of $74.25.
In other Consolidated Edison news, insider Craig S. Ivey sold 3,974 shares of the stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $71.42, for a total transaction of $283,823.08. Following the completion of the transaction, the insider now owns 35,306 shares in the company, valued at approximately $2,521,554.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have acquired 415 shares of company stock valued at $29,737. Corporate insiders own 0.16% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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