AssuredPartners Investment Advisors LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

AssuredPartners Investment Advisors LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,287 shares of the utilities provider’s stock, valued at approximately $918,000.

Several other hedge funds also recently bought and sold shares of the company. AlphaMark Advisors LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $27,000. Fairway Wealth LLC purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $36,000. OFI Invest Asset Management purchased a new position in Consolidated Edison in the 4th quarter worth approximately $35,000. Centricity Wealth Management LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.4 %

Shares of NYSE:ED opened at $107.89 on Friday. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $109.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock’s 50-day moving average is $99.26 and its 200 day moving average is $98.53. The company has a market cap of $37.41 billion, a PE ratio of 20.59, a P/E/G ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a dividend of $0.85 per share. The ex-dividend date was Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.15%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is currently 64.89%.

Analysts Set New Price Targets

ED has been the topic of a number of research analyst reports. Mizuho increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Morgan Stanley raised their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday, March 20th. Barclays upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Scotiabank lifted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Finally, Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average target price of $102.40.

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.