CANADA LIFE ASSURANCE Co Has $70.62 Million Holdings in Consolidated Edison, Inc. (NYSE:ED)

CANADA LIFE ASSURANCE Co cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.8% in the first quarter, HoldingsChannel reports. The fund owned 777,015 shares of the utilities provider’s stock after selling 30,536 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Consolidated Edison were worth $70,621,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ED. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Consolidated Edison by 3.2% in 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 acquiring an additional 12,953 shares in the last quarter. Corient Private Wealth LLC raised its position in Consolidated Edison by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares during the last quarter. abrdn plc raised 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 valued at $28,373,000 after purchasing an additional 72,273 shares during the last quarter. UBS Group AG raised its position in shares of Consolidated Edison by 14.7% during the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after acquiring an additional 62,519 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on ED. UBS Group upped their price objective on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Mizuho increased their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Scotiabank decreased their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $89.04.

Consolidated Edison Trading Up 2.8 %

Shares of Consolidated Edison stock traded up $2.63 on Wednesday, reaching $95.88. 2,179,845 shares of the company’s stock were exchanged, compared to its average volume of 1,878,920. The company has a market capitalization of $33.16 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 2.40 and a beta of 0.34. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $98.85. The firm’s 50-day moving average is $92.05 and its two-hundred day moving average is $91.16. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period in the prior year, the firm earned $1.83 earnings per share. Consolidated Edison’s revenue for the quarter was down 2.8% on a year-over-year basis. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.