Wealthspire Advisors LLC Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

Wealthspire Advisors LLC increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 8,583 shares of the utilities provider’s stock after purchasing an additional 346 shares during the quarter. Wealthspire Advisors LLC’s holdings in Consolidated Edison were worth $768,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Corient Private Wealth LLC increased its stake in shares of Consolidated Edison by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after buying an additional 7,725 shares during the period. UBS Group AG raised its stake in shares of Consolidated Edison by 14.7% during the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after acquiring an additional 62,519 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Consolidated Edison by 2,486.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after purchasing an additional 20,934 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Consolidated Edison by 35.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock worth $4,318,000 after purchasing an additional 12,307 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock worth $22,193,000 after purchasing an additional 89,080 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on ED. UBS Group increased their price objective on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Guggenheim lifted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Scotiabank upped their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Barclays boosted their price target on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.65.

Consolidated Edison Price Performance

ED stock opened at $104.56 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a 50 day moving average price of $98.73 and a 200-day moving average price of $94.15. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99. The firm has a market capitalization of $36.19 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 3.50 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the company posted $0.61 earnings per share. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.18%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Consolidated Edison 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.