Allen Capital Group LLC Grows Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Allen Capital Group LLC lifted its position in Consolidated Edison, Inc. (NYSE:ED) by 28.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,609 shares of the utilities provider’s stock after buying an additional 2,359 shares during the quarter. Allen Capital Group LLC’s holdings in Consolidated Edison were worth $947,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ED. The Manufacturers Life Insurance Company grew its stake in shares of Consolidated Edison by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 241,107 shares of the utilities provider’s stock worth $21,560,000 after acquiring an additional 18,776 shares in the last quarter. Creative Planning raised its stake in Consolidated Edison by 2.6% in the second quarter. Creative Planning now owns 91,659 shares of the utilities provider’s stock valued at $8,196,000 after buying an additional 2,358 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Consolidated Edison by 6.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,833 shares of the utilities provider’s stock valued at $1,416,000 after purchasing an additional 901 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of Consolidated Edison by 6.1% in the 2nd quarter. Sunbelt Securities Inc. now owns 3,678 shares of the utilities provider’s stock valued at $329,000 after buying an additional 213 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Consolidated Edison by 1.6% during the second quarter. B. Riley Wealth Advisors Inc. now owns 32,362 shares of the utilities provider’s stock worth $2,894,000 after purchasing an additional 521 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $93.63 on Wednesday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The stock has a market cap of $32.44 billion, a P/E ratio of 17.65, a PEG ratio of 2.89 and a beta of 0.38. 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 50-day moving average of $92.78 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, 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 company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. As a group, research analysts predict that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Ratings Changes

ED has been the topic of a number of recent research reports. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Morgan Stanley cut their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price target for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $100.00.

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.