Independent Advisor Alliance Decreases Holdings in Consolidated Edison, Inc. (NYSE:ED)

by · The Cerbat Gem

Independent Advisor Alliance trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,639 shares of the utilities provider’s stock after selling 377 shares during the period. Independent Advisor Alliance’s holdings in Consolidated Edison were worth $2,357,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC boosted its position in Consolidated Edison by 10,302.6% during the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after purchasing an additional 24,211 shares during the period. Plato Investment Management Ltd boosted its position in Consolidated Edison by 17,683.9% during the 1st quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock worth $904,000 after purchasing an additional 9,903 shares during the period. Cetera Advisors LLC boosted its position in Consolidated Edison by 74.5% in the 1st quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock valued at $1,557,000 after buying an additional 7,324 shares during the last quarter. Czech National Bank boosted its position in Consolidated Edison by 8.5% in the 2nd quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock valued at $5,893,000 after buying an additional 5,161 shares during the last quarter. Finally, National Pension Service boosted its position in Consolidated Edison by 7.0% in the 3rd quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after buying an additional 30,838 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

ED opened at $99.46 on Tuesday. The firm has a market cap of $34.45 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company’s 50-day moving average price is $101.91 and its 200 day moving average price is $98.10. 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 (NYSE:ED – Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. As a group, sell-side analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share 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 $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.34%. Consolidated Edison’s payout ratio is currently 62.52%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Bank of America upped their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Scotiabank upped their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $98.19.

View Our Latest Report on Consolidated Edison

Consolidated Edison Profile

(Free Report)

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.

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