Montecito Bank & Trust Purchases 206 Shares of Consolidated Edison, Inc. (NYSE:ED)

Montecito Bank & Trust boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 4.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 5,311 shares of the utilities provider’s stock after purchasing an additional 206 shares during the period. Montecito Bank & Trust’s holdings in Consolidated Edison were worth $474,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in shares of Consolidated Edison in the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC bought a new stake in Consolidated Edison in the third quarter worth about $30,000. FSA Wealth Management LLC purchased a new position in Consolidated Edison in the third quarter valued at about $55,000. Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison during the 3rd quarter valued at approximately $55,000. Finally, Webster Bank N. A. increased its stake in shares of Consolidated Edison by 189.5% during the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 379 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.1 %

Consolidated Edison stock opened at $90.66 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock has a market cap of $31.41 billion, a P/E ratio of 17.07, a PEG ratio of 2.89 and a beta of 0.38. The firm’s fifty day moving average price is $92.99 and its 200-day moving average price is $97.93.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.03%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ED. Barclays dropped their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Finally, Morgan Stanley dropped their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $100.64.

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.