AdvisorNet Financial Inc grew its holdings in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 30.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 549 shares of the utilities provider’s stock after purchasing an additional 129 shares during the quarter. AdvisorNet Financial Inc’s holdings in Consolidated Edison were worth $52,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Godsey & Gibb Associates acquired a new position in Consolidated Edison during the 4th quarter worth approximately $26,000. Tyler Stone Wealth Management acquired a new position in Consolidated Edison during the 4th quarter worth approximately $26,000. Rise Advisors LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $30,000. San Luis Wealth Advisors LLC acquired a new position in Consolidated Edison during the 1st quarter worth approximately $32,000. Finally, Citizens National Bank Trust Department acquired a new position in Consolidated Edison during the 4th quarter worth approximately $34,000. 64.76% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the company. KeyCorp upped their price target on Consolidated Edison from $72.00 to $75.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 19th. Mizuho dropped their price target on Consolidated Edison from $100.00 to $99.00 and set a “buy” rating on the stock in a research note on Monday, June 27th. Morgan Stanley lowered their price objective on Consolidated Edison from $84.00 to $82.00 and set an “underweight” rating for the company in a research note on Thursday. Finally, Credit Suisse Group increased their price objective on Consolidated Edison from $92.00 to $94.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average price target of $85.82.
Consolidated Edison Stock Performance
Consolidated Edison (NYSE:ED – Get Rating) last released its earnings results on Thursday, August 4th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.09. Consolidated Edison had a return on equity of 7.83% and a net margin of 11.16%. During the same period last year, the firm earned $0.53 earnings per share. As a group, sell-side analysts expect that Consolidated Edison, Inc. will post 4.48 earnings per share for the current year.
Consolidated Edison Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Tuesday, August 16th. Consolidated Edison’s dividend payout ratio (DPR) is 69.15%.
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 3.5 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 1,555 customers in parts of Manhattan.
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