Consolidated Edison, Inc. (NYSE:ED) Stock Holdings Increased by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 10.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,082 shares of the utilities provider’s stock after purchasing an additional 375 shares during the period. Lake Street Advisors Group LLC’s holdings in Consolidated Edison were worth $425,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Busey Bank increased its stake in shares of Consolidated Edison by 1.1% in the third quarter. Busey Bank now owns 93,208 shares of the utilities provider’s stock worth $9,706,000 after acquiring an additional 989 shares during the last quarter. Tectonic Advisors LLC increased its position in Consolidated Edison by 14.4% in the 3rd quarter. Tectonic Advisors LLC now owns 56,651 shares of the utilities provider’s stock worth $5,899,000 after purchasing an additional 7,152 shares during the last quarter. Dakota Wealth Management raised its stake in shares of Consolidated Edison by 14.4% during the 3rd quarter. Dakota Wealth Management now owns 11,499 shares of the utilities provider’s stock worth $1,197,000 after purchasing an additional 1,446 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Consolidated Edison by 4,020.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock valued at $42,366,000 after buying an additional 396,985 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its stake in shares of Consolidated Edison by 12.6% in the 3rd quarter. IFM Investors Pty Ltd now owns 139,445 shares of the utilities provider’s stock valued at $14,520,000 after buying an additional 15,563 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $104.60 on Friday. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The firm has a market capitalization of $36.21 billion, a price-to-earnings ratio of 20.35, a P/E/G ratio of 3.57 and a beta of 0.36. The company’s fifty day moving average is $103.35 and its two-hundred day moving average is $97.15. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the previous year, the firm posted $0.61 EPS. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Announces Dividend

The business 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 dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is 64.59%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ED. Morgan Stanley raised their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Four 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 given 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 $98.73.

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.