Zurcher Kantonalbank Zurich Cantonalbank Sells 27,355 Shares of Consolidated Edison, Inc. (NYSE:ED)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 6.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 379,175 shares of the utilities provider’s stock after selling 27,355 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Consolidated Edison were worth $39,483,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CreativeOne Wealth LLC lifted its stake in Consolidated Edison by 11.9% in the third quarter. CreativeOne Wealth LLC now owns 3,415 shares of the utilities provider’s stock worth $356,000 after acquiring an additional 363 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Consolidated Edison by 99.2% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 289,350 shares of the utilities provider’s stock worth $30,130,000 after acquiring an additional 144,062 shares during the period. Glenmede Trust Co. NA lifted its stake in Consolidated Edison by 2.6% in the third quarter. Glenmede Trust Co. NA now owns 17,908 shares of the utilities provider’s stock worth $1,865,000 after acquiring an additional 454 shares during the period. Townsquare Capital LLC lifted its stake in Consolidated Edison by 2.4% in the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock worth $580,000 after acquiring an additional 130 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Consolidated Edison in the third quarter worth $153,000. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

ED has been the subject of a number of research analyst reports. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Bank of America raised their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company raised their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Barclays lowered their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Finally, Morgan Stanley lowered their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Price Performance

NYSE ED opened at $101.58 on Friday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The stock has a 50-day moving average of $101.80 and a 200 day moving average of $98.17. The company has a market capitalization of $35.19 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 3.34 and a beta of 0.36. 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 (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

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.