2,000 Shares in Consolidated Edison, Inc. (NYSE:ED) Bought by PBMares Wealth Management LLC

PBMares Wealth Management LLC bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 2,000 shares of the utilities provider’s stock, valued at approximately $208,000.

Several other institutional investors have also recently made changes to their positions in the business. ProShare Advisors LLC raised its holdings in shares of Consolidated Edison by 6.6% during the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock worth $181,687,000 after purchasing an additional 123,654 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after purchasing an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares in the last quarter. Clean Energy Transition LLP increased its holdings in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Consolidated Edison by 14.6% in the first quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock valued at $65,435,000 after buying an additional 91,559 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED traded down $1.08 on Tuesday, reaching $103.73. 251,704 shares of the company’s stock were exchanged, compared to its average volume of 1,822,409. The stock has a market cap of $35.87 billion, a PE ratio of 20.12, a P/E/G ratio of 3.57 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The stock’s fifty day moving average price is $103.43 and its 200-day moving average price is $97.37. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The company 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 period in the previous year, the business posted $0.61 EPS. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.20%. Consolidated Edison’s payout ratio is 63.72%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ED. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America lifted their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. UBS Group lifted their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Finally, Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $98.73.

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.