Fifth Third Bancorp Has $1.53 Million Holdings in Consolidated Edison, Inc. (NYSE:ED)

Fifth Third Bancorp raised its stake in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 10.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,081 shares of the utilities provider’s stock after acquiring an additional 1,512 shares during the quarter. Fifth Third Bancorp’s holdings in Consolidated Edison were worth $1,533,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $158,000. Boyd Watterson Asset Management LLC OH bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $32,000. Truist Financial Corp increased its position in shares of Consolidated Edison by 80.9% in the 3rd quarter. Truist Financial Corp now owns 103,022 shares of the utilities provider’s stock valued at $8,835,000 after buying an additional 46,088 shares in the last quarter. Karp Capital Management Corp bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at $49,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Consolidated Edison by 10.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 196,377 shares of the utilities provider’s stock valued at $17,045,000 after buying an additional 18,156 shares in the last quarter. Institutional investors and hedge funds own 64.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ED. Mizuho reduced their target price on shares of Consolidated Edison from $98.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, February 17th. Morgan Stanley reduced their target price on shares of Consolidated Edison from $76.00 to $70.00 and set an “underweight” rating for the company in a research note on Tuesday, March 21st. Citigroup increased their price objective on shares of Consolidated Edison from $92.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 22nd. Credit Suisse Group reduced their price objective on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a research note on Friday, February 17th. Finally, StockNews.com began coverage on shares of Consolidated Edison in a research note on Thursday, March 16th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $90.50.

Consolidated Edison Price Performance

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Shares of ED opened at $98.97 on Friday. The company has a market capitalization of $34.29 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 9.92 and a beta of 0.37. The business has a 50-day moving average of $93.32 and a 200-day moving average of $92.62. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.14 and a quick ratio of 1.10. Consolidated Edison, Inc. has a 1 year low of $78.10 and a 1 year high of $102.21.

Consolidated Edison (NYSE:ED – Get Rating) last issued its earnings results on Thursday, February 16th. The utilities provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $3.18 billion. Consolidated Edison had a return on equity of 7.79% and a net margin of 10.59%. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.00 earnings per share. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 4.84 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, February 15th were issued a dividend of $0.81 per share. The ex-dividend date was Tuesday, February 14th. This represents a $3.24 annualized dividend and a yield of 3.27%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.79. Consolidated Edison’s dividend payout ratio is 69.38%.

About Consolidated Edison

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.