Rise Advisors LLC Raises Position in Consolidated Edison, Inc. (NYSE:ED)

Rise Advisors LLC boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,407 shares of the utilities provider’s stock after buying an additional 158 shares during the period. Rise Advisors LLC’s holdings in Consolidated Edison were worth $355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ED. Webster Bank N. A. lifted its position in shares of Consolidated Edison by 189.5% during the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after buying an additional 379 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Consolidated Edison by 36.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 9,960 shares of the utilities provider’s stock worth $1,037,000 after purchasing an additional 2,646 shares during the period. HCR Wealth Advisors purchased a new stake in shares of Consolidated Edison during the third quarter valued at about $228,000. Ritholtz Wealth Management acquired a new position in shares of Consolidated Edison during the third quarter valued at about $211,000. Finally, Next Level Private LLC acquired a new stake in Consolidated Edison during the 3rd quarter valued at approximately $201,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $102.32 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The company’s 50-day simple moving average is $102.35 and its 200-day simple moving average is $96.16. Consolidated Edison, Inc. has a one year low of $85.15 and a one year high of $105.99. The stock has a market capitalization of $35.39 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the firm earned $0.61 EPS. Equities analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a $0.83 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.24%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Analysts Set New Price Targets

A number of research firms have recently commented on ED. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Wells Fargo & Company upped their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays upped their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Morgan Stanley boosted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have issued 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 $94.96.

About Consolidated Edison

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.