Commonwealth Equity Services LLC Decreases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Commonwealth Equity Services LLC lowered its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 391,530 shares of the utilities provider’s stock after selling 5,801 shares during the period. Commonwealth Equity Services LLC owned approximately 0.11% of Consolidated Edison worth $40,770,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Gulf International Bank UK Ltd lifted its holdings in Consolidated Edison by 0.7% in the 1st quarter. Gulf International Bank UK Ltd now owns 28,546 shares of the utilities provider’s stock worth $2,592,000 after buying an additional 201 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Consolidated Edison by 3.4% in the first quarter. International Assets Investment Management LLC now owns 5,901 shares of the utilities provider’s stock worth $533,000 after acquiring an additional 196 shares in the last quarter. Riverview Trust Co purchased a new position in Consolidated Edison in the first quarter valued at about $78,000. Brookstone Capital Management grew its stake in Consolidated Edison by 4.3% during the 1st quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock valued at $2,180,000 after purchasing an additional 981 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $48,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Trading Up 1.0 %

NYSE:ED opened at $106.76 on Monday. The firm has a market capitalization of $36.92 billion, a P/E ratio of 20.49, a P/E/G ratio of 3.46 and a beta of 0.36. The business has a 50 day simple moving average of $102.80 and a 200 day simple moving average of $96.69. 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, Inc. has a 12-month low of $85.85 and a 12-month high of $106.77.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. Equities research analysts predict that Consolidated Edison, Inc. will post 5.3 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 $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 3.11%. Consolidated Edison’s payout ratio is currently 63.72%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ED shares. Morgan Stanley raised their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Finally, Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $98.27.

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.