Allen Capital Group LLC Acquires 4,417 Shares of Consolidated Edison, Inc. (NYSE:ED)

Allen Capital Group LLC boosted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 115.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,250 shares of the utilities provider’s stock after acquiring an additional 4,417 shares during the quarter. Allen Capital Group LLC’s holdings in Consolidated Edison were worth $859,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Consolidated Edison during the 3rd quarter worth approximately $27,000. Beacon Capital Management LLC boosted its stake in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at $30,000. Pathway Financial Advisers LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at $33,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison in the 2nd quarter valued at $33,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the topic of a number of analyst reports. UBS Group upped their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Morgan Stanley upped their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company boosted 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. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Stock Performance

Shares of ED stock opened at $98.67 on Friday. The firm has a 50-day moving average of $102.14 and a 200-day moving average of $98.06. The company has a market cap of $34.18 billion, a P/E ratio of 18.58, a P/E/G ratio of 3.26 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.36%. Consolidated Edison’s payout ratio is currently 62.52%.

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.