Peapack Gladstone Financial Corp Trims Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Peapack Gladstone Financial Corp cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 3.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,846 shares of the utilities provider’s stock after selling 760 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Consolidated Edison were worth $2,218,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. United Bank purchased a new stake in Consolidated Edison in the third quarter valued at approximately $227,000. Janus Henderson Group PLC lifted its stake in shares of Consolidated Edison by 2.8% in the 3rd quarter. Janus Henderson Group PLC now owns 54,440 shares of the utilities provider’s stock valued at $5,669,000 after acquiring an additional 1,500 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Consolidated Edison during the third quarter valued at approximately $872,000. Stifel Financial Corp boosted its position in Consolidated Edison by 7.8% during the 3rd quarter. Stifel Financial Corp now owns 111,890 shares of the utilities provider’s stock valued at $11,651,000 after buying an additional 8,094 shares during the period. Finally, Wellington Management Group LLP bought a new stake in shares of Consolidated Edison in the third quarter worth about $216,000. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ED. Mizuho lifted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. UBS Group increased their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Scotiabank lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, Barclays lifted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $102.40.

Consolidated Edison Stock Down 3.6 %

ED stock opened at $105.35 on Tuesday. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. The stock has a market cap of $37.95 billion, a P/E ratio of 20.11, a PEG ratio of 3.05 and a beta of 0.27. The business’s 50-day moving average price is $101.64 and its 200-day moving average price is $98.72. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were paid a $0.85 dividend. The ex-dividend date was Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.23%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is presently 64.89%.

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.