Newbridge Financial Services Group Inc. Has $104,000 Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Newbridge Financial Services Group Inc. lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 30.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,140 shares of the utilities provider’s stock after selling 491 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Consolidated Edison were worth $104,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ED. Financial Gravity Asset Management Inc. raised its holdings in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Raleigh Capital Management Inc. purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Tidemark LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $31,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE:ED traded down $0.47 during mid-day trading on Tuesday, reaching $90.18. The stock had a trading volume of 148,337 shares, compared to its average volume of 1,925,118. The stock has a 50-day simple moving average of $93.47 and a two-hundred day simple moving average of $91.23. The stock has a market capitalization of $31.19 billion, a PE ratio of 17.40, a P/E/G ratio of 2.30 and a beta of 0.35. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $98.85.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.83 earnings per share. On average, equities analysts anticipate that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were paid a $0.83 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.68%. Consolidated Edison’s dividend payout ratio is 63.72%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Mizuho increased their price objective on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Wells Fargo & Company raised their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Morgan Stanley raised their target price on Consolidated Edison from $73.00 to $80.00 and gave the company an “underweight” rating in a report on Tuesday, May 28th. Scotiabank dropped their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Finally, Argus upgraded Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $89.58.

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.