Frank Rimerman Advisors LLC Invests $217,000 in Consolidated Edison, Inc. (NYSE:ED)

Frank Rimerman Advisors LLC acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,433 shares of the utilities provider’s stock, valued at approximately $217,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AlphaMark Advisors LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth approximately $27,000. Fairway Wealth LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $36,000. OFI Invest Asset Management purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $35,000. Centricity Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $44,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $107.74 on Tuesday. Consolidated Edison, Inc. has a one year low of $87.16 and a one year high of $110.01. The business has a fifty day moving average price of $96.35 and a 200-day moving average price of $98.21. 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 $37.36 billion, a P/E ratio of 20.56, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Morgan Stanley decreased 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. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank increased their price target 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. Barclays increased their price target on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Finally, UBS Group increased their price objective on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $101.50.

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.