Powers Advisory Group LLC Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Powers Advisory Group LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:EDFree Report) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,257 shares of the utilities provider’s stock after selling 119 shares during the period. Powers Advisory Group LLC’s holdings in Consolidated Edison were worth $569,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ED. Moneta Group Investment Advisors LLC raised its holdings in Consolidated Edison by 89,231.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock valued at $395,142,000 after acquiring an additional 4,141,220 shares in the last quarter. Norges Bank acquired a new stake in Consolidated Edison in the fourth quarter valued at approximately $318,245,000. Morgan Stanley raised its holdings in Consolidated Edison by 33.3% in the fourth quarter. Morgan Stanley now owns 4,128,579 shares of the utilities provider’s stock valued at $393,495,000 after acquiring an additional 1,030,730 shares in the last quarter. Newport Trust Company LLC acquired a new stake in Consolidated Edison in the third quarter valued at approximately $51,134,000. Finally, Barclays PLC raised its holdings in Consolidated Edison by 80.6% in the second quarter. Barclays PLC now owns 1,079,141 shares of the utilities provider’s stock valued at $97,553,000 after acquiring an additional 481,565 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $87.49 on Wednesday. The firm’s fifty day moving average price is $89.03 and its 200 day moving average price is $89.55. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.92. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a market cap of $30.23 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 8.34 and a beta of 0.35.

Consolidated Edison (NYSE:EDGet Free Report) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period last year, the firm posted $0.81 EPS. Consolidated Edison’s quarterly revenue was down 14.6% on a year-over-year basis. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Wednesday, February 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, February 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.79%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.81. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

Wall Street Analyst Weigh In

ED has been the topic of several recent analyst reports. UBS Group dropped their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. JPMorgan Chase & Co. increased their price target on shares of Consolidated Edison from $84.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, November 29th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Scotiabank increased their price target on shares of Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research note on Tuesday, February 20th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $87.96.

Check Out Our Latest Research Report on Consolidated Edison

Consolidated Edison Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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