Palumbo Wealth Management LLC Buys 2,013 Shares of Consolidated Edison, Inc. (NYSE:ED)

Palumbo Wealth Management LLC lifted its position in Consolidated Edison, Inc. (NYSE:ED) by 66.5% during the 3rd quarter, Holdings Channel reports. The firm owned 5,042 shares of the utilities provider’s stock after buying an additional 2,013 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Consolidated Edison were worth $525,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ED. ProShare Advisors LLC boosted its stake in Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock worth $181,687,000 after purchasing an additional 123,654 shares in the last quarter. Hsbc Holdings PLC lifted its position in Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after buying an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Consolidated Edison by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after acquiring an additional 125,859 shares during the last quarter. Clean Energy Transition LLP increased its position in Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Consolidated Edison by 14.6% in the first quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock worth $65,435,000 after acquiring an additional 91,559 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.9 %

ED traded up $0.91 during mid-day trading on Thursday, hitting $103.63. The stock had a trading volume of 95,338 shares, compared to its average volume of 1,819,057. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The firm has a market capitalization of $35.84 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 3.57 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The stock’s fifty day simple moving average is $103.54 and its 200-day simple moving average is $97.50.

Consolidated Edison (NYSE:ED) last posted 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 during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the firm earned $0.61 earnings per share. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.20%. Consolidated Edison’s payout ratio is 63.72%.

Analysts Set New Price Targets

Several research firms have recently commented on ED. UBS Group increased their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Wells Fargo & Company lifted their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Guggenheim upped their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Barclays lifted their price objective on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Finally, Morgan Stanley boosted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.73.

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.