Bank of America Increases Consolidated Edison (NYSE:ED) Price Target to $109.00

Consolidated Edison (NYSE:ED) had its price objective raised by Bank of America from $97.00 to $109.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the utilities provider’s stock.

Other equities research analysts have also recently issued reports about the company. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a neutral rating in a research note on Friday, August 2nd. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a report on Tuesday, May 28th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an underweight rating on the stock in a research report on Monday, June 24th. Scotiabank decreased their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research report on Monday, April 22nd. Finally, Argus raised shares of Consolidated Edison to a strong-buy rating in a report on Friday, June 7th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $91.81.

Consolidated Edison Stock Down 0.7 %

NYSE:ED opened at $100.50 on Monday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. Consolidated Edison has a 1-year low of $80.46 and a 1-year high of $105.99. The company has a 50-day moving average of $92.99 and a 200 day moving average of $91.72. The firm has a market cap of $34.76 billion, a PE ratio of 19.29, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. During the same quarter in the prior year, the company earned $0.61 EPS. As a group, research analysts anticipate that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Institutional Trading of Consolidated Edison

Several large investors have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after buying an additional 12,953 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Consolidated Edison by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after acquiring an additional 7,725 shares during the period. abrdn plc boosted its position in Consolidated Edison by 30.2% in the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after purchasing an additional 72,273 shares in the last quarter. UBS Group AG boosted its position in Consolidated Edison by 14.7% in the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after purchasing an additional 62,519 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Consolidated Edison by 2,486.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after purchasing an additional 20,934 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

About Consolidated Edison

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.