Symphony Financial Ltd. Co. Lowers Holdings in Consolidated Edison, Inc. (NYSE:ED)

Symphony Financial Ltd. Co. reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.0% in the 4th quarter, Holdings Channel reports. The fund owned 15,670 shares of the utilities provider’s stock after selling 485 shares during the period. Symphony Financial Ltd. Co.’s holdings in Consolidated Edison were worth $1,461,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. TD Private Client Wealth LLC grew its position in shares of Consolidated Edison by 4.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after acquiring an additional 104 shares during the period. D.A. Davidson & CO. boosted its position in Consolidated Edison by 1.1% during the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. Townsquare Capital LLC grew its holdings in Consolidated Edison by 2.4% in the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after purchasing an additional 130 shares during the period. Brookstone Capital Management increased its position in shares of Consolidated Edison by 0.6% in the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after buying an additional 136 shares in the last quarter. Finally, Cooper Financial Group increased its position in shares of Consolidated Edison by 5.1% in the fourth quarter. Cooper Financial Group now owns 2,799 shares of the utilities provider’s stock valued at $250,000 after buying an additional 136 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.0 %

Shares of ED opened at $93.90 on Friday. 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 firm has a market cap of $32.53 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 2.95 and a beta of 0.38. The company’s 50-day moving average price is $92.49 and its 200 day moving average price is $98.06. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders 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. This represents a $3.40 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley dropped their price objective on shares of 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 shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Barclays reduced their price objective on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research report on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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.