Valley Brook Capital Group Inc. Sells 500 Shares of Consolidated Edison, Inc. (NYSE:ED)

Valley Brook Capital Group Inc. lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 13.3% during the third quarter, Holdings Channel reports. The fund owned 3,250 shares of the utilities provider’s stock after selling 500 shares during the period. Valley Brook Capital Group Inc.’s holdings in Consolidated Edison were worth $338,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Beacon Capital Management LLC lifted its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the last quarter. Pathway Financial Advisers LLC acquired a new stake in Consolidated Edison during the first quarter worth approximately $33,000. TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison during the second quarter worth approximately $33,000. Versant Capital Management Inc grew its position in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 327 shares during the last quarter. Finally, ESL Trust Services LLC bought a new position in shares of Consolidated Edison during the first quarter worth approximately $54,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ED shares. Guggenheim boosted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America raised their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Barclays lifted their price target on shares of Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $98.73.

Consolidated Edison Price Performance

Shares of ED traded up $0.12 during midday trading on Thursday, hitting $99.08. The company’s stock had a trading volume of 95,836 shares, compared to its average volume of 1,843,699. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The stock has a market capitalization of $34.30 billion, a price-to-earnings ratio of 19.25, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. The company’s fifty day simple moving average is $103.48 and its two-hundred day simple moving average is $97.85.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is 64.59%.

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.