Modera Wealth Management LLC Boosts Position in Consolidated Edison, Inc. (NYSE:ED)

Modera Wealth Management LLC lifted its position in Consolidated Edison, Inc. (NYSE:ED) by 11.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,873 shares of the utilities provider’s stock after purchasing an additional 1,418 shares during the quarter. Modera Wealth Management LLC’s holdings in Consolidated Edison were worth $1,238,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ED. Capital Performance Advisors LLP purchased a new stake in Consolidated Edison in the third quarter valued at $27,000. AlphaMark Advisors LLC purchased a new position in shares of Consolidated Edison during the 4th quarter worth $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $30,000. Centricity Wealth Management LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at about $39,000. Finally, CGC Financial Services LLC lifted its position in Consolidated Edison by 64.0% in the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after buying an additional 213 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

ED stock opened at $104.09 on Tuesday. The business’s 50-day moving average is $93.42 and its two-hundred day moving average is $97.97. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market capitalization of $36.09 billion, a P/E ratio of 19.86, a P/E/G ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a 1 year low of $86.56 and a 1 year high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company 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. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.27%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is presently 64.89%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Scotiabank boosted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 25th. Finally, Barclays increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $101.50.

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.