Consolidated Edison, Inc. (NYSE:ED) Stake Lowered by Diversify Advisory Services LLC

Diversify Advisory Services LLC trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 44.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,833 shares of the utilities provider’s stock after selling 2,303 shares during the period. Diversify Advisory Services LLC’s holdings in Consolidated Edison were worth $250,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Ballast Inc. lifted its holdings in shares of Consolidated Edison by 4.0% during the 4th quarter. Ballast Inc. now owns 16,052 shares of the utilities provider’s stock valued at $1,432,000 after buying an additional 610 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in Consolidated Edison by 20.0% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,177 shares of the utilities provider’s stock valued at $730,000 after acquiring an additional 1,363 shares in the last quarter. Astoria Portfolio Advisors LLC. lifted its stake in Consolidated Edison by 20.1% in the fourth quarter. Astoria Portfolio Advisors LLC. now owns 2,350 shares of the utilities provider’s stock valued at $210,000 after acquiring an additional 393 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Consolidated Edison in the fourth quarter worth approximately $250,000. Finally, HB Wealth Management LLC increased its stake in shares of Consolidated Edison by 11.8% during the 4th quarter. HB Wealth Management LLC now owns 9,325 shares of the utilities provider’s stock worth $832,000 after purchasing an additional 981 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the subject of several analyst reports. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price objective for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Morgan Stanley reduced their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Jefferies Financial Group assumed coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $100.64.

Consolidated Edison Price Performance

NYSE:ED opened at $90.75 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a fifty day moving average price of $93.08 and a 200 day moving average price of $97.98. The stock has a market cap of $31.44 billion, a P/E ratio of 17.09, a PEG ratio of 2.97 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Analysts anticipate that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

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.