Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Farther Finance Advisors LLC

Farther Finance Advisors LLC increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 18.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,934 shares of the utilities provider’s stock after acquiring an additional 910 shares during the quarter. Farther Finance Advisors LLC’s holdings in Consolidated Edison were worth $527,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $243,511,000. AMF Tjanstepension AB increased its stake in Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after buying an additional 352,903 shares during the period. Swedbank AB purchased a new position in Consolidated Edison during the 1st quarter worth $30,515,000. Clean Energy Transition LLP acquired a new stake in shares of Consolidated Edison in the 1st quarter worth $24,861,000. Finally, Pinebridge Investments L.P. boosted its holdings in shares of Consolidated Edison by 56.1% in the fourth quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock valued at $63,927,000 after acquiring an additional 252,617 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ED shares. 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. Mizuho raised their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Barclays raised their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Finally, UBS Group increased their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $103.30 on Wednesday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The company has a market capitalization of $35.72 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 3.43 and a beta of 0.34. The stock has a fifty day moving average of $96.34 and a two-hundred day moving average of $93.21. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the business posted $0.61 EPS. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

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.