Pallas Capital Advisors LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Pallas Capital Advisors LLC acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,188 shares of the utilities provider’s stock, valued at approximately $234,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Beacon Capital Management LLC lifted its stake in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison in the first quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the second quarter worth about $33,000. Versant Capital Management Inc lifted its stake in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Consolidated Edison in the third quarter worth about $55,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $100.00 on Friday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The firm has a market capitalization of $34.62 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 3.47 and a beta of 0.36. The business has a 50 day simple moving average of $103.54 and a 200 day simple moving average of $97.61. 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 issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (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 business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the prior year, the company posted $0.61 EPS. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 64.59%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Guggenheim boosted their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Bank of America boosted their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Wells Fargo & Company boosted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Barclays boosted their price objective on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a report on Monday, October 21st. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $98.73.

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.