Dai ichi Life Insurance Company Ltd Has $7 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Dai ichi Life Insurance Company Ltd lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 11.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,246 shares of the utilities provider’s stock after selling 8,567 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Consolidated Edison were worth $7,002,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in shares of Consolidated Edison by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 242,614 shares of the utilities provider’s stock valued at $25,263,000 after buying an additional 1,507 shares during the period. Bank of Montreal Can boosted its stake in shares of Consolidated Edison by 7.2% during the 3rd quarter. Bank of Montreal Can now owns 676,249 shares of the utilities provider’s stock valued at $70,364,000 after buying an additional 45,448 shares during the period. Diversified LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at $203,000. DRW Securities LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at $1,537,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Consolidated Edison by 7.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 42,857 shares of the utilities provider’s stock valued at $4,462,000 after buying an additional 3,096 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $101.72 on Wednesday. The company has a market capitalization of $35.24 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company’s fifty day moving average price is $101.85 and its 200 day moving average price is $98.13.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.26%. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Guggenheim lifted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Bank of America lifted their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, UBS Group lifted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $98.19.

Consolidated Edison 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.