Atria Investments Inc Trims Holdings in Consolidated Edison, Inc. (NYSE:ED)

Atria Investments Inc reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 8.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,212 shares of the utilities provider’s stock after selling 385 shares during the quarter. Atria Investments Inc’s holdings in Consolidated Edison were worth $439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Edgestream Partners L.P. grew its holdings in shares of Consolidated Edison by 148.2% in the first quarter. Edgestream Partners L.P. now owns 6,005 shares of the utilities provider’s stock valued at $545,000 after purchasing an additional 3,586 shares in the last quarter. Covestor Ltd grew its holdings in shares of Consolidated Edison by 20.5% in the first quarter. Covestor Ltd now owns 983 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 167 shares in the last quarter. Clearbridge Investments LLC grew its holdings in shares of Consolidated Edison by 2.1% in the first quarter. Clearbridge Investments LLC now owns 28,761 shares of the utilities provider’s stock valued at $2,612,000 after purchasing an additional 595 shares in the last quarter. Lake Street Advisors Group LLC grew its holdings in shares of Consolidated Edison by 8.4% in the first quarter. Lake Street Advisors Group LLC now owns 4,069 shares of the utilities provider’s stock valued at $369,000 after purchasing an additional 314 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its holdings in shares of Consolidated Edison by 38.7% in the first quarter. CreativeOne Wealth LLC now owns 3,943 shares of the utilities provider’s stock valued at $358,000 after purchasing an additional 1,100 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $97.88 on Thursday. The firm has a market cap of $33.91 billion, a P/E ratio of 18.43, a P/E/G ratio of 3.24 and a beta of 0.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock’s fifty day moving average price is $102.23 and its 200-day moving average price is $98.06.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.39%. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Bank of America raised 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. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Scotiabank raised their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.35.

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.