Principle Wealth Partners LLC Boosts Position in Consolidated Edison, Inc. (NYSE:ED)

Principle Wealth Partners LLC boosted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 7.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 6,462 shares of the utilities provider’s stock after buying an additional 448 shares during the period. Principle Wealth Partners LLC’s holdings in Consolidated Edison were worth $577,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ED. TD Private Client Wealth LLC lifted its stake in Consolidated Edison by 4.7% during the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after purchasing an additional 104 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Consolidated Edison by 1.1% during the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. Townsquare Capital LLC boosted its holdings in shares of Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after acquiring an additional 130 shares during the period. Trust Point Inc. boosted its holdings in shares of Consolidated Edison by 4.9% during the fourth quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider’s stock valued at $249,000 after acquiring an additional 131 shares during the period. Finally, Cooper Financial Group boosted its holdings in shares of Consolidated Edison by 5.1% during the fourth quarter. Cooper Financial Group now owns 2,799 shares of the utilities provider’s stock valued at $250,000 after acquiring an additional 136 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $96.23 on Wednesday. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve 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. The company has a market capitalization of $33.33 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 3.04 and a beta of 0.39. The firm has a 50-day moving average of $91.92 and a two-hundred day moving average of $98.19.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.53%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Analyst Ratings Changes

ED has been the subject of several analyst reports. Barclays reduced their price target on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Morgan Stanley reduced their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $100.00.

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.