Financial Advisory Partners LLC Cuts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Financial Advisory Partners LLC lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,805 shares of the utilities provider’s stock after selling 230 shares during the period. Financial Advisory Partners LLC’s holdings in Consolidated Edison were worth $605,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Beacon Capital Management LLC increased its holdings in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison in the fourth quarter valued at $29,000. Pathway Financial Advisers LLC purchased a new position in Consolidated Edison during the 1st quarter valued at $33,000. TruNorth Capital Management LLC bought a new position in Consolidated Edison in the 2nd quarter worth $33,000. Finally, Quarry LP purchased a new stake in shares of Consolidated Edison in the 4th quarter worth about $35,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED traded down $0.10 during trading hours on Thursday, hitting $102.27. The company’s stock had a trading volume of 188,762 shares, compared to its average volume of 1,812,727. The company’s 50 day simple moving average is $102.31 and its two-hundred day simple moving average is $95.92. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market cap of $35.37 billion, a P/E ratio of 19.65, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.15 and a 12 month high of $105.99.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter last year, the company posted $0.61 earnings per share. As a group, sell-side analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.25%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analysts Forecast Growth

Several analysts have commented on ED shares. Barclays raised their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. Guggenheim upped their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Scotiabank boosted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Morgan Stanley increased their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Finally, Bank of America boosted their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $94.96.

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.