RIA Advisory Group LLC Invests $551,000 in Consolidated Edison, Inc. (NYSE:ED)

RIA Advisory Group LLC purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,291 shares of the utilities provider’s stock, valued at approximately $551,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Clean Energy Transition LLP lifted its position in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares during the last quarter. International Assets Investment Management LLC grew its position in Consolidated Edison by 10,262.1% in the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares in the last quarter. Acadian Asset Management LLC raised its position in Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Consolidated Edison by 4,020.5% during the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after purchasing an additional 396,985 shares during the last quarter. Finally, AMF Tjanstepension AB boosted its holdings in shares of Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Up 1.3 %

NYSE:ED opened at $96.44 on Friday. 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, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a market cap of $33.41 billion, a PE ratio of 18.16, a P/E/G ratio of 3.21 and a beta of 0.36. The company’s 50 day moving average is $102.68 and its two-hundred day moving average is $97.99.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.44%. Consolidated Edison’s payout ratio is 62.52%.

Analysts Set New Price Targets

Several analysts have weighed in on ED shares. Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Morgan Stanley upped their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. 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 research note on Friday, September 20th. Four equities research analysts have rated the stock with a sell rating, eight have given 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 stock has a consensus rating of “Hold” and a consensus price target of $98.35.

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.