Tower Bridge Advisors purchased a new position in shares of Consolidated Edison Inc (NYSE:ED) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,581 shares of the utilities provider’s stock, valued at approximately $208,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Armbruster Capital Management Inc. boosted its position in shares of Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after acquiring an additional 700 shares during the last quarter. WFG Advisors LP boosted its position in shares of Consolidated Edison by 19.6% in the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 214 shares during the last quarter. Oakworth Capital Inc. boosted its position in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after acquiring an additional 137 shares during the last quarter. Enterprise Financial Services Corp boosted its position in shares of Consolidated Edison by 6.0% in the second quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after acquiring an additional 93 shares during the last quarter. Finally, Cypress Capital Management LLC WY boosted its position in shares of Consolidated Edison by 491.7% in the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock worth $143,000 after acquiring an additional 1,475 shares during the last quarter. Institutional investors and hedge funds own 55.30% of the company’s stock.
In related news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the sale, the chief executive officer now owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders purchased 183 shares of company stock valued at $15,248. Insiders own 0.20% of the company’s stock.
Several equities research analysts recently issued reports on the stock. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Bank of America Corporation assumed coverage on shares of Consolidated Edison in a research report on Tuesday, October 24th. They set a “buy” rating and a $92.00 price target on the stock. KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Finally, Morgan Stanley lifted their price target on shares of Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $78.96.
Shares of Consolidated Edison Inc (ED) opened at $88.31 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 0.97. The stock has a market cap of $27,034.90, a price-to-earnings ratio of 21.74, a P/E/G ratio of 7.08 and a beta of 0.10. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $88.66.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. During the same quarter last year, the firm posted $1.51 EPS. analysts expect that Consolidated Edison Inc will post 4.1 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.13%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.00%.
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About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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