Anchor Investment Management LLC Has $198,000 Holdings in Consolidated Edison, Inc. (NYSE:ED)

Anchor Investment Management LLC lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 13.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,900 shares of the utilities provider’s stock after selling 300 shares during the period. Anchor Investment Management LLC’s holdings in Consolidated Edison were worth $198,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the 3rd quarter valued at $30,000. FSA Wealth Management LLC bought a new position in Consolidated Edison during the third quarter worth $55,000. Future Financial Wealth Managment LLC acquired a new stake in Consolidated Edison in the third quarter worth $55,000. Finally, Webster Bank N. A. increased its stake in Consolidated Edison by 189.5% in the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 379 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $92.69 on Friday. The stock has a 50 day moving average of $100.02 and a 200 day moving average of $98.14. The company has a market capitalization of $32.11 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. 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 (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ED. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the stock from $90.00 to $100.00 in a report on Thursday. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Finally, UBS Group upped their price objective 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $99.96.

Consolidated Edison 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.