Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 22.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,002 shares of the utilities provider’s stock after buying an additional 920 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Consolidated Edison were worth $446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Consolidated Edison in the 3rd quarter worth approximately $27,000. AlphaMark Advisors LLC purchased a new stake in Consolidated Edison during the fourth quarter worth $27,000. Ashton Thomas Securities LLC acquired a new stake in Consolidated Edison in the third quarter valued at $30,000. Centricity Wealth Management LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at $39,000. Finally, CGC Financial Services LLC raised its stake in shares of Consolidated Edison by 64.0% during the 4th quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock worth $49,000 after buying an additional 213 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ED has been the topic of a number of research reports. UBS Group increased their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Barclays lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday. Finally, Morgan Stanley dropped their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $101.50.

Consolidated Edison Price Performance

ED stock opened at $100.05 on Friday. The stock has a market capitalization of $34.69 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The stock’s fifty day simple moving average is $92.90 and its 200-day simple moving average is $97.98.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Equities research analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.40%. Consolidated Edison’s dividend payout ratio is 64.89%.

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.