Frisch Financial Group Inc. Purchases 7,027 Shares of Consolidated Edison, Inc. (NYSE:ED)

Frisch Financial Group Inc. increased its position in Consolidated Edison, Inc. (NYSE:ED) by 100.3% during the second quarter, Holdings Channel reports. The firm owned 14,034 shares of the utilities provider’s stock after buying an additional 7,027 shares during the quarter. Frisch Financial Group Inc.’s holdings in Consolidated Edison were worth $1,255,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Excalibur Management Corp raised its holdings in Consolidated Edison by 4.6% in the 2nd quarter. Excalibur Management Corp now owns 13,642 shares of the utilities provider’s stock valued at $1,220,000 after acquiring an additional 600 shares during the period. Citizens Financial Group Inc. RI raised its holdings in Consolidated Edison by 82.7% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 14,353 shares of the utilities provider’s stock valued at $1,283,000 after acquiring an additional 6,495 shares during the period. Mesirow Financial Investment Management Inc. raised its holdings in Consolidated Edison by 7.0% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 10,659 shares of the utilities provider’s stock valued at $953,000 after acquiring an additional 697 shares during the period. Dimensional Fund Advisors LP raised its holdings in Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after acquiring an additional 125,859 shares during the period. Finally, Retirement Planning Co of New England Inc. raised its holdings in Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 100 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $104.85 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $36.26 billion, a price-to-earnings ratio of 20.12, a P/E/G ratio of 3.50 and a beta of 0.36. The firm’s 50 day simple moving average is $99.06 and its 200 day simple moving average is $94.28. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter last year, the business posted $0.61 EPS. As a group, research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders 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 yield of 3.17%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Bank of America increased their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Scotiabank increased their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Morgan Stanley increased their target price on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Friday, August 23rd. Finally, Barclays increased their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $92.65.

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.