Albion Financial Group UT Grows Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Albion Financial Group UT raised its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,717 shares of the utilities provider’s stock after buying an additional 172 shares during the quarter. Albion Financial Group UT’s holdings in Consolidated Edison were worth $5,177,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ED. Massmutual Trust Co. FSB ADV increased its holdings in shares of Consolidated Edison by 2,486.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after acquiring an additional 20,934 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Consolidated Edison by 57.4% during the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after acquiring an additional 89,080 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Consolidated Edison by 153.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock valued at $22,321,000 after acquiring an additional 148,988 shares in the last quarter. Mizuho Markets Americas LLC increased its holdings in shares of Consolidated Edison by 121.1% during the first quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock valued at $10,323,000 after acquiring an additional 62,260 shares in the last quarter. Finally, AMF Tjanstepension AB acquired a new position in shares of Consolidated Edison during the first quarter valued at about $13,193,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $101.58 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a twelve month low of $85.15 and a twelve month high of $105.99. The stock has a 50-day moving average of $102.31 and a 200 day moving average of $95.92. The stock has a market capitalization of $35.16 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 3.46 and a beta of 0.36.

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

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were given a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is 64.59%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Bank of America upped their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Morgan Stanley upped their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Scotiabank increased their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Finally, UBS Group increased their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $94.96.

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.