Lake Street Advisors Group LLC Raises Position in Consolidated Edison, Inc. (NYSE:ED)

Lake Street Advisors Group LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 22.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,002 shares of the utilities provider’s stock after acquiring an additional 920 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Consolidated Edison were worth $446,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Capital Performance Advisors LLP acquired a new position in Consolidated Edison during the 3rd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at about $30,000. AlphaMark Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth about $27,000. Centricity Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $39,000. Finally, FSA Wealth Management LLC acquired a new stake in Consolidated Edison in the third quarter valued at approximately $55,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Barclays increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday. Morgan Stanley dropped their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Scotiabank lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $101.50.

Consolidated Edison Trading Up 0.1 %

NYSE:ED opened at $100.05 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The stock’s 50 day moving average price is $92.90 and its 200 day moving average price is $97.98. The company has a market capitalization of $34.69 billion, a PE ratio of 19.09, a P/E/G ratio of 3.05 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. On average, research analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.40%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 64.89%.

Consolidated Edison Company 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.