Great Valley Advisor Group Inc. Acquires 424 Shares of Consolidated Edison, Inc. (NYSE:ED)

Great Valley Advisor Group Inc. grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 10,122 shares of the utilities provider’s stock after purchasing an additional 424 shares during the period. Great Valley Advisor Group Inc.’s holdings in Consolidated Edison were worth $906,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its holdings in shares of Consolidated Edison by 44.2% in the 4th quarter. Cerity Partners LLC now owns 57,163 shares of the utilities provider’s stock valued at $5,200,000 after purchasing an additional 17,521 shares during the period. Valeo Financial Advisors LLC raised its holdings in shares of Consolidated Edison by 11.3% in the 4th quarter. Valeo Financial Advisors LLC now owns 2,847 shares of the utilities provider’s stock valued at $259,000 after purchasing an additional 290 shares during the period. Perigon Wealth Management LLC raised its holdings in shares of Consolidated Edison by 5.4% in the 4th quarter. Perigon Wealth Management LLC now owns 4,707 shares of the utilities provider’s stock valued at $428,000 after purchasing an additional 243 shares during the period. Louisiana State Employees Retirement System bought a new stake in shares of Consolidated Edison in the 4th quarter valued at about $1,901,000. Finally, SVB Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at about $222,000. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ED. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. UBS Group upped their price target on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Barclays upped their price target on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Finally, Scotiabank decreased their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $91.81.

Consolidated Edison Stock Performance

Shares of NYSE:ED traded up $0.29 on Wednesday, reaching $101.06. 651,483 shares of the company’s stock were exchanged, compared to its average volume of 1,876,917. The company has a fifty day moving average of $93.44 and a 200-day moving average of $92.02. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99. The company has a market capitalization of $34.95 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 2.56 and a beta of 0.34. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the business posted $0.61 EPS. On average, research analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. Consolidated Edison’s payout ratio is presently 63.72%.

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.