Choate Investment Advisors Purchases 135 Shares of Consolidated Edison, Inc. (NYSE:ED)

Choate Investment Advisors increased its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,402 shares of the utilities provider’s stock after acquiring an additional 135 shares during the quarter. Choate Investment Advisors’ holdings in Consolidated Edison were worth $214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. AlphaMark Advisors LLC acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $27,000. OFI Invest Asset Management acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $44,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $107.74 on Tuesday. The company has a market cap of $37.36 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 1-year low of $87.16 and a 1-year high of $110.01. The company’s fifty day simple moving average is $96.35 and its 200 day simple moving average is $98.21. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.16%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays raised their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. UBS Group lifted their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Finally, Mizuho lifted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $101.50.

Consolidated Edison Company 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.