Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Wealth Alliance

Wealth Alliance reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 12.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,523 shares of the utilities provider’s stock after selling 912 shares during the quarter. Wealth Alliance’s holdings in Consolidated Edison were worth $583,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Corient Private Wealth LLC raised its stake in Consolidated Edison by 4.6% during the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after acquiring an additional 7,725 shares in the last quarter. UBS Group AG raised its stake in Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after acquiring an additional 62,519 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Consolidated Edison by 2,486.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after purchasing an additional 20,934 shares during the period. Tower Research Capital LLC TRC increased its stake in Consolidated Edison by 35.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock valued at $4,318,000 after purchasing an additional 12,307 shares during the period. Finally, Sei Investments Co. increased its stake in Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after purchasing an additional 89,080 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ED shares. Scotiabank lifted their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Guggenheim lifted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Bank of America lifted their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Mizuho lifted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, UBS Group lifted their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Four 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. Based on data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Down 1.1 %

ED stock opened at $103.41 on Thursday. The company has a market cap of $35.76 billion, a P/E ratio of 19.85, a P/E/G ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. The company’s 50-day moving average price is $99.64 and its 200 day moving average price is $94.46. 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 (NYSE:ED) last released 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. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the previous year, the firm earned $0.61 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.