Congress Wealth Management LLC DE Has $965,000 Holdings in Consolidated Edison, Inc. (NYSE:ED)

Congress Wealth Management LLC DE lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 33.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 10,811 shares of the utilities provider’s stock after selling 5,351 shares during the period. Congress Wealth Management LLC DE’s holdings in Consolidated Edison were worth $965,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. AlphaMark Advisors LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $27,000. OFI Invest Asset Management purchased a new position in Consolidated Edison during the 4th quarter worth $35,000. Fairway Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth $36,000. Centricity Wealth Management LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Consolidated Edison during the fourth quarter valued at about $44,000. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ED has been the topic of several recent analyst reports. Morgan Stanley lifted their target price on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. UBS Group raised their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Barclays boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Finally, Scotiabank raised their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.40.

Consolidated Edison Stock Performance

Shares of ED stock opened at $107.89 on Friday. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $109.36. The stock has a market capitalization of $37.41 billion, a P/E ratio of 20.59, a PEG ratio of 3.05 and a beta of 0.30. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm’s 50 day moving average is $99.26 and its 200 day moving average is $98.53.

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

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.15%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 64.89%.

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.