Bleakley Financial Group LLC Decreases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Bleakley Financial Group LLC reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 4.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,193 shares of the utilities provider’s stock after selling 315 shares during the period. Bleakley Financial Group LLC’s holdings in Consolidated Edison were worth $749,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Clean Energy Transition LLP boosted its stake in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares in the last quarter. AMF Tjanstepension AB grew its stake in Consolidated Edison by 243.2% during the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after buying an additional 352,903 shares during the last quarter. Swedbank AB acquired a new position in Consolidated Edison during the 1st quarter valued at about $30,515,000. Finally, LPL Financial LLC raised its stake in Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after buying an additional 305,291 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.5 %

Consolidated Edison stock opened at $106.26 on Tuesday. The business’s 50-day moving average price is $102.89 and its 200 day moving average price is $96.80. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The firm has a market cap of $36.75 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.10.

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

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.12%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ED shares. UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Morgan Stanley lifted their target price 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. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays lifted their price objective on shares of Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research note on Monday. Finally, Guggenheim boosted their price objective 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. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $98.73.

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.