Concurrent Investment Advisors LLC Purchases 2,958 Shares of Consolidated Edison, Inc. (NYSE:ED)

Concurrent Investment Advisors LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 17.6% in the third quarter, HoldingsChannel.com reports. The fund owned 19,786 shares of the utilities provider’s stock after buying an additional 2,958 shares during the period. Concurrent Investment Advisors LLC’s holdings in Consolidated Edison were worth $2,060,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ED. Armor Investment Advisors LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter worth $207,000. Radnor Capital Management LLC bought a new position in shares of Consolidated Edison in the third quarter worth about $310,000. Guidance Point Advisors LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at approximately $201,000. Avidian Wealth Enterprises LLC increased its position in Consolidated Edison by 1.5% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 10,225 shares of the utilities provider’s stock worth $1,065,000 after purchasing an additional 147 shares in the last quarter. Finally, Crestwood Advisors Group LLC lifted its stake in Consolidated Edison by 3.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 5,161 shares of the utilities provider’s stock valued at $537,000 after purchasing an additional 192 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Morgan Stanley increased their target price on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Scotiabank boosted their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Bank of America upped their price target 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. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned 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 an average price target of $98.73.

Consolidated Edison Stock Down 1.5 %

Shares of NYSE:ED opened at $97.52 on Friday. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The business’s 50-day moving average is $103.48 and its 200-day moving average is $97.85. The company has a market capitalization of $33.76 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 3.34 and a beta of 0.36.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.59%.

Consolidated Edison 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.