FSA Wealth Management LLC Purchases Shares of 530 Consolidated Edison, Inc. (NYSE:ED)

FSA Wealth Management LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 530 shares of the utilities provider’s stock, valued at approximately $55,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new position in Consolidated Edison in the third quarter worth about $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at approximately $30,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the 2nd quarter worth approximately $33,000. Versant Capital Management Inc lifted its position in shares of Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after buying an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new stake in Consolidated Edison in the 3rd quarter valued at $55,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Down 1.0 %

Shares of ED opened at $100.59 on Monday. The business’s fifty day moving average price is $101.75 and its two-hundred day moving average price is $98.21. The firm has a market capitalization of $34.85 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 3.38 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, analysts predict that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is 62.52%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Scotiabank lifted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $99.13.

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.