Procyon Advisors LLC Has $1.95 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

Procyon Advisors LLC raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 7.3% in the 4th quarter, HoldingsChannel reports. The firm owned 21,861 shares of the utilities provider’s stock after purchasing an additional 1,488 shares during the quarter. Procyon Advisors LLC’s holdings in Consolidated Edison were worth $1,951,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in shares of Consolidated Edison during the third quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new position in Consolidated Edison in the 3rd quarter worth approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in Consolidated Edison during the 3rd quarter worth $55,000. FSA Wealth Management LLC bought a new position in Consolidated Edison in the 3rd quarter valued at $55,000. Finally, Webster Bank N. A. increased its stake in shares of Consolidated Edison by 189.5% in the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after buying an additional 379 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of several research reports. Morgan Stanley cut their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Barclays cut their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average target price of $100.64.

Consolidated Edison Price Performance

Shares of ED stock opened at $93.74 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 12-month low of $85.85 and a 12-month high of $107.75. The firm has a fifty day moving average of $93.44 and a 200-day moving average of $97.81. The firm has a market capitalization of $32.47 billion, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 2.81 and a beta of 0.38.

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 analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, equities research analysts forecast 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 paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.63%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.