Sowell Financial Services LLC Purchases New Position in Consolidated Edison Inc (NYSE:ED)

Sowell Financial Services LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,897 shares of the utilities provider's stock, valued at approximately $431,000.

Several other institutional investors also recently bought and sold shares of ED. OFI Invest Asset Management purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $35,000. Wood Tarver Financial Group LLC purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $35,000. Fairway Wealth LLC purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $36,000. Centricity Wealth Management LLC purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Consolidated Edison in the fourth quarter valued at approximately $44,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on ED shares. Citigroup raised their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Barclays raised their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a report on Monday, May 5th. Wells Fargo & Company raised their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. KeyCorp lowered Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price objective on the stock. in a report on Wednesday, May 14th. Finally, Scotiabank raised their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Consolidated Edison presently has an average rating of "Hold" and a consensus price target of $104.18.

Consolidated Edison Stock Performance

NYSE ED opened at $100.92 on Friday. The stock's fifty day moving average is $106.12 and its two-hundred day moving average is $100.55. The firm has a market capitalization of $36.36 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 3.21 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data 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 company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period last year, the firm posted $2.15 EPS. On average, research analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's dividend payout ratio is presently 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.

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