Financial Advocates Investment Management Buys 208 Shares of Consolidated Edison, Inc. (NYSE:ED)

Financial Advocates Investment Management increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,101 shares of the utilities provider’s stock after buying an additional 208 shares during the period. Financial Advocates Investment Management’s holdings in Consolidated Edison were worth $277,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Perpetual Ltd bought a new position in Consolidated Edison during the 3rd quarter worth $229,000. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Consolidated Edison by 425.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,075 shares of the utilities provider’s stock valued at $424,000 after acquiring an additional 3,300 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in Consolidated Edison in the 3rd quarter worth about $211,000. HCR Wealth Advisors bought a new stake in Consolidated Edison in the 3rd quarter valued at about $228,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Consolidated Edison by 36.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 9,960 shares of the utilities provider’s stock worth $1,037,000 after purchasing an additional 2,646 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the subject of a number of analyst reports. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Mizuho upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. 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. Barclays cut their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Finally, Morgan Stanley decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $100.00.

Consolidated Edison Trading Up 0.7 %

ED opened at $96.05 on Monday. The company’s 50 day moving average price is $91.96 and its two-hundred day moving average price is $98.17. The firm has a market capitalization of $33.27 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 3.04 and a beta of 0.39. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 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 business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. As a group, research analysts predict that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.54%. Consolidated Edison’s dividend payout ratio is presently 64.03%.

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.