Montecito Bank & Trust Acquires 2,247 Shares of Consolidated Edison, Inc. (NYSE:ED)

Montecito Bank & Trust grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 78.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,105 shares of the utilities provider’s stock after buying an additional 2,247 shares during the period. Montecito Bank & Trust’s holdings in Consolidated Edison were worth $532,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Beacon Capital Management LLC raised its position in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Consolidated Edison in the 1st quarter worth about $33,000. TruNorth Capital Management LLC purchased a new position in Consolidated Edison in the 2nd quarter worth about $33,000. Versant Capital Management Inc raised its position in Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after buying an additional 327 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Consolidated Edison in the 3rd quarter worth about $55,000. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. UBS Group boosted their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Morgan Stanley boosted their target price on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Guggenheim upped their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Four 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Trading Down 1.5 %

Shares of NYSE:ED opened at $97.52 on Friday. The company has a market cap of $33.76 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The stock has a 50 day moving average of $103.48 and a 200 day moving average of $97.85. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison Announces Dividend

The company 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 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is 64.59%.

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.