Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance lessened its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the third quarter, Holdings Channel.com reports. The fund owned 22,639 shares of the utilities provider’s stock after selling 377 shares during the period. Independent Advisor Alliance’s holdings in Consolidated Edison were worth $2,357,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in Consolidated Edison during the third quarter worth approximately $27,000. Beacon Capital Management LLC boosted its holdings in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Consolidated Edison during the third quarter worth approximately $30,000. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison during the first quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC bought a new stake in Consolidated Edison during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the subject of a number of research reports. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday. Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Guggenheim raised their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $98.19.

Consolidated Edison Stock Up 1.1 %

ED stock opened at $99.46 on Tuesday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market cap of $34.45 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 3.31 and a beta of 0.36. The company has a 50 day moving average of $101.91 and a two-hundred day moving average of $98.10.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.34%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

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.