EP Wealth Advisors LLC Reduces Stock Position in Consolidated Edison, Inc. (NYSE:ED)

EP Wealth Advisors LLC trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 14.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,014 shares of the utilities provider’s stock after selling 1,900 shares during the quarter. EP Wealth Advisors LLC’s holdings in Consolidated Edison were worth $985,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison in the first quarter worth about $33,000. TruNorth Capital Management LLC acquired a new stake in Consolidated Edison during the second quarter worth about $33,000. Finally, Quarry LP purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the topic of a number of analyst reports. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Barclays lifted their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Morgan Stanley increased their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company lifted their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $93.81.

Consolidated Edison Stock Down 0.7 %

NYSE ED opened at $104.45 on Thursday. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The business has a fifty day moving average price of $101.75 and a 200 day moving average price of $95.45. The company has a market cap of $36.12 billion, a P/E ratio of 20.05, a P/E/G ratio of 3.52 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate 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 last year, the firm posted $0.61 earnings per share. Research analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal 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. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.18%. Consolidated Edison’s payout ratio is 63.72%.

About Consolidated Edison

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.