Independent Financial Group LLC acquired a new stake in shares of Consolidated Edison Inc (NYSE:ED – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,639 shares of the utilities provider’s stock, valued at approximately $525,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in ED. Prosperity Consulting Group LLC grew its holdings in shares of Consolidated Edison by 17.5% in the first quarter. Prosperity Consulting Group LLC now owns 7,181 shares of the utilities provider’s stock worth $813,000 after purchasing an additional 1,072 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in Consolidated Edison during the 1st quarter valued at $34,908,000. W.G. Shaheen & Associates DBA Whitney & Co boosted its position in Consolidated Edison by 13.8% during the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 3,296 shares of the utilities provider’s stock valued at $373,000 after buying an additional 400 shares during the period. Wealthfront Advisers LLC grew its holdings in Consolidated Edison by 5.7% in the 1st quarter. Wealthfront Advisers LLC now owns 150,994 shares of the utilities provider’s stock worth $17,090,000 after acquiring an additional 8,208 shares during the last quarter. Finally, D.A. Davidson & CO. grew its holdings in Consolidated Edison by 0.7% in the 1st quarter. D.A. Davidson & CO. now owns 20,887 shares of the utilities provider’s stock worth $2,364,000 after acquiring an additional 145 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently commented on the stock. Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a research note on Tuesday, April 21st. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday. The Goldman Sachs Group reaffirmed a “sell” rating and set a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Argus set a $112.00 price objective on Consolidated Edison in a report on Tuesday, June 23rd. Finally, Evercore set a $116.00 price objective on Consolidated Edison in a research report on Monday, May 11th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Reduce” and an average price target of $107.87.
Consolidated Edison Trading Up 0.6%
Shares of ED opened at $112.81 on Friday. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm’s 50-day moving average price is $108.89 and its 200-day moving average price is $108.98. The firm has a market capitalization of $41.58 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 2.91 and a beta of 0.27.
Consolidated Edison Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.1%. Consolidated Edison’s dividend payout ratio is 59.76%.
Consolidated Edison Profile
Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.
The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.
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