Allworth Financial LP Grows Holdings in Consolidated Edison, Inc. (NYSE:ED)

Allworth Financial LP increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 16.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,844 shares of the utilities provider’s stock after buying an additional 823 shares during the period. Allworth Financial LP’s holdings in Consolidated Edison were worth $530,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new stake in Consolidated Edison during the 3rd quarter worth approximately $776,000. Pathway Financial Advisers LLC increased its stake in Consolidated Edison by 10,302.6% during the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after buying an additional 24,211 shares during the period. JPMorgan Chase & Co. increased its stake in Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after buying an additional 82,985 shares during the period. Hennessy Advisors Inc. grew its holdings in Consolidated Edison by 2.8% during the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after acquiring an additional 3,900 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its holdings in Consolidated Edison by 102.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after acquiring an additional 217,981 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays lowered their price target on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Morgan Stanley lowered their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Finally, Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $100.70.

Consolidated Edison Trading Up 0.5 %

Shares of Consolidated Edison stock opened at $95.77 on Friday. The stock has a market cap of $33.18 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 3.05 and a beta of 0.39. The company has a fifty day simple moving average of $91.98 and a 200-day simple moving average of $98.02. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.55%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 62.52%.

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.