Evanson Asset Management LLC Invests $229,000 in Consolidated Edison, Inc. (NYSE:ED)

Evanson Asset Management LLC bought a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,200 shares of the utilities provider’s stock, valued at approximately $229,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ProShare Advisors LLC lifted its position in shares of Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock worth $181,687,000 after buying an additional 123,654 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after acquiring an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Consolidated Edison by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after acquiring an additional 125,859 shares in the last quarter. Clean Energy Transition LLP boosted its position in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Consolidated Edison by 14.6% in the first quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock valued at $65,435,000 after purchasing an additional 91,559 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 1.0 %

NYSE:ED opened at $102.11 on Wednesday. Consolidated Edison, Inc. has a 52 week low of $85.15 and a 52 week high of $105.99. The firm has a 50 day moving average of $102.13 and a 200 day moving average of $95.78. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $35.31 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 3.52 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the previous year, the company earned $0.61 earnings per share. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.25%. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ED shares. Wells Fargo & Company upped their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Barclays lifted their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. UBS Group increased their price objective on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Bank of America lifted their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Scotiabank increased their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $93.88.

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.