Regal Investment Advisors LLC Sells 492 Shares of Consolidated Edison, Inc. (NYSE:ED)

Regal Investment Advisors LLC cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,814 shares of the utilities provider’s stock after selling 492 shares during the period. Regal Investment Advisors LLC’s holdings in Consolidated Edison were worth $5,170,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ED. Stifel Financial Corp raised its stake in shares of Consolidated Edison by 2.5% during the 4th quarter. Stifel Financial Corp now owns 111,985 shares of the utilities provider’s stock valued at $10,187,000 after purchasing an additional 2,720 shares during the period. Scotia Capital Inc. increased its position in shares of Consolidated Edison by 5.8% during the fourth quarter. Scotia Capital Inc. now owns 22,492 shares of the utilities provider’s stock valued at $2,046,000 after buying an additional 1,223 shares during the period. Bank of Nova Scotia increased its position in shares of Consolidated Edison by 25.2% during the fourth quarter. Bank of Nova Scotia now owns 49,194 shares of the utilities provider’s stock valued at $4,475,000 after buying an additional 9,897 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Consolidated Edison by 4.0% in the fourth quarter. California State Teachers Retirement System now owns 601,010 shares of the utilities provider’s stock worth $54,674,000 after buying an additional 23,257 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Consolidated Edison by 0.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 239,235 shares of the utilities provider’s stock valued at $21,763,000 after acquiring an additional 1,347 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ED has been the topic of a number of analyst reports. Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Barclays lifted their price objective on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Guggenheim raised their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $93.81.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $104.05 on Monday. The stock has a market capitalization of $35.98 billion, a P/E ratio of 19.97, a P/E/G ratio of 3.52 and a beta of 0.36. The company’s 50-day moving average is $101.15 and its 200 day moving average is $95.16. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm earned $0.61 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.19%. 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.