Farther Finance Advisors LLC Grows Stake in Consolidated Edison, Inc. (NYSE:ED)

Farther Finance Advisors LLC lifted its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 113.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,786 shares of the utilities provider's stock after purchasing an additional 4,667 shares during the quarter. Farther Finance Advisors LLC's holdings in Consolidated Edison were worth $967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new stake in Consolidated Edison during the 4th quarter valued at $35,000. Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison during the fourth quarter valued at $35,000. Fairway Wealth LLC bought a new position in Consolidated Edison in the fourth quarter valued at about $36,000. Centricity Wealth Management LLC purchased a new position in Consolidated Edison in the fourth quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison in the fourth quarter worth about $44,000. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. KeyCorp cut shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price objective on the stock. in a research note on Wednesday, May 14th. Scotiabank lifted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research note on Monday, February 24th. Citigroup upped their price objective on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. Guggenheim raised their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Morgan Stanley lowered their target price on Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating on the stock in a research report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of "Hold" and a consensus target price of $104.27.

Consolidated Edison Price Performance

Shares of ED traded up $0.13 during midday trading on Friday, hitting $103.89. 3,337,346 shares of the company traded hands, compared to its average volume of 2,298,649. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm has a 50 day moving average of $106.78 and a 200-day moving average of $100.50. The stock has a market cap of $37.43 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the company posted $2.15 EPS. On average, analysts forecast 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 given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.27%. Consolidated Edison's dividend payout ratio (DPR) is 62.85%.

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.