Ameriprise Financial Inc. Boosts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Ameriprise Financial Inc. boosted its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 1.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 198,994 shares of the utilities provider's stock after purchasing an additional 3,275 shares during the quarter. Ameriprise Financial Inc. owned about 0.06% of Consolidated Edison worth $17,767,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ED. AlphaMark Advisors LLC bought a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $27,000. OFI Invest Asset Management bought a new stake in Consolidated Edison during the fourth quarter worth $35,000. Fairway Wealth LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at $36,000. Centricity Wealth Management LLC acquired a new position in Consolidated Edison during the fourth quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in Consolidated Edison during the 4th quarter worth $44,000. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Guggenheim boosted their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Scotiabank boosted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a report on Monday, February 24th. Citigroup lifted their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Finally, Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $104.36.

Consolidated Edison Trading Up 0.3%

ED traded up $0.29 during trading hours on Tuesday, reaching $105.67. 2,177,642 shares of the company's stock traded hands, compared to its average volume of 2,280,948. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $114.87. The firm has a 50-day moving average price of $108.51 and a 200 day moving average price of $99.84. The firm has a market capitalization of $38.07 billion, a PE ratio of 20.17, a PEG ratio of 3.05 and a beta of 0.29. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to analysts' expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same quarter in the previous year, the firm posted $2.15 EPS. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

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.