Wealthspire Advisors LLC Buys 10,851 Shares of Consolidated Edison Inc (NYSE:ED)

Key Points

• Wealthspire Advisors LLC increased its stake in Consolidated Edison Inc by 94.2%, acquiring an additional 10,851 shares to reach a total of 22,376 shares valued at approximately $2.48 million.
• Recent analyst ratings have produced mixed results, with price targets ranging from $92.00 to $114.00, reflecting a consensus rating of "Hold" with a price target of $105.20.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, with an annualized yield of 3.3%, scheduled for payment on September 15th.

Wealthspire Advisors LLC grew its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 94.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,376 shares of the utilities provider's stock after acquiring an additional 10,851 shares during the period. Wealthspire Advisors LLC's holdings in Consolidated Edison were worth $2,475,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Glen Eagle Advisors LLC lifted its stake in Consolidated Edison by 6.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock worth $170,000 after purchasing an additional 111 shares in the last quarter. Western Wealth Management LLC grew its holdings in shares of Consolidated Edison by 0.7% during the 1st quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock valued at $1,781,000 after purchasing an additional 116 shares during the last quarter. Eastern Bank grew its holdings in Consolidated Edison by 2.9% in the 1st quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock worth $475,000 after acquiring an additional 120 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after acquiring an additional 120 shares during the last quarter. Finally, Integrated Advisors Network LLC grew its holdings in Consolidated Edison by 1.6% in the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock worth $867,000 after acquiring an additional 121 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent analyst reports. Mizuho raised their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday. Morgan Stanley dropped their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Guggenheim raised their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Finally, Barclays lifted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and a consensus price target of $105.20.

Consolidated Edison Stock Performance

Consolidated Edison stock traded down $0.45 during midday trading on Friday, reaching $104.55. 2,796,396 shares of the company traded hands, compared to its average volume of 2,027,847. The firm has a market capitalization of $37.67 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 3.35 and a beta of 0.24. The business has a 50 day moving average of $101.66 and a two-hundred day moving average of $103.09. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.68%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the prior year, the firm earned $0.59 earnings per share. As a group, research analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 62.85%.

Consolidated Edison Company 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.