Marshall Financial Group LLC Has $2.38 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Marshall Financial Group LLC grew its position in Consolidated Edison, Inc. (NYSE:ED) by 4.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,573 shares of the utilities provider’s stock after buying an additional 1,141 shares during the period. Marshall Financial Group LLC’s holdings in Consolidated Edison were worth $2,376,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Consolidated Edison by 3.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock worth $38,897,000 after purchasing an additional 12,953 shares during the period. Corient Private Wealth LLC boosted its stake in Consolidated Edison by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after purchasing an additional 7,725 shares during the period. abrdn plc boosted its stake in Consolidated Edison by 30.2% in the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after purchasing an additional 72,273 shares during the period. UBS Group AG boosted its stake in Consolidated Edison by 14.7% in the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after purchasing an additional 62,519 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Consolidated Edison by 2,486.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after purchasing an additional 20,934 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ED. Barclays upped their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Scotiabank reduced their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Finally, UBS Group increased their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $91.81.

Consolidated Edison Stock Performance

Consolidated Edison stock traded up $0.87 during trading hours on Friday, hitting $100.10. The company had a trading volume of 1,684,765 shares, compared to its average volume of 1,887,954. The firm has a 50-day moving average of $93.92 and a 200 day moving average of $92.21. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99. The firm has a market cap of $34.62 billion, a PE ratio of 19.21, a PEG ratio of 2.56 and a beta of 0.34. 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 (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the business posted $0.61 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.32%. Consolidated Edison’s payout ratio is presently 63.72%.

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.