Verity & Verity LLC Sells 360 Shares of Consolidated Edison, Inc. (NYSE:ED)

Verity & Verity LLC decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 8.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,030 shares of the utilities provider’s stock after selling 360 shares during the quarter. Verity & Verity LLC’s holdings in Consolidated Edison were worth $360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

A number of research analysts have issued reports on ED shares. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Barclays cut their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Jefferies Financial Group began coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $100.64.

Consolidated Edison Stock Performance

Shares of ED opened at $93.74 on Friday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The business has a fifty day moving average of $93.44 and a 200 day moving average of $97.81. 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 firm has a market capitalization of $32.47 billion, a P/E ratio of 17.65, a PEG ratio of 2.81 and a beta of 0.38.

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. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.35 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 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.