Allspring Global Investments Holdings LLC Buys 93,956 Shares of Consolidated Edison, Inc. (NYSE:ED)

Allspring Global Investments Holdings LLC raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 44.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 306,197 shares of the utilities provider’s stock after acquiring an additional 93,956 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Consolidated Edison were worth $27,261,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in Consolidated Edison during the third quarter valued at about $27,000. AlphaMark Advisors LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison during the third quarter valued at approximately $30,000. CGC Financial Services LLC raised its stake in shares of Consolidated Edison by 64.0% in the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 213 shares in the last quarter. Finally, FSA Wealth Management LLC bought a new position in Consolidated Edison in the third quarter worth $55,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the topic of several analyst reports. Morgan Stanley lowered their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price objective for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays cut their target price on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Finally, Mizuho upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.00.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $95.01 on Friday. The business has a fifty day moving average of $91.84 and a 200-day moving average of $98.13. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The firm has a market cap of $32.91 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.58%. Consolidated Edison’s payout ratio is currently 62.52%.

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.