Golden State Wealth Management LLC Purchases Shares of 954 Consolidated Edison, Inc. (NYSE:ED)

Golden State Wealth Management LLC acquired a new position in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 954 shares of the utilities provider’s stock, valued at approximately $85,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ED. Perpetual Ltd bought a new stake in Consolidated Edison in the third quarter valued at approximately $229,000. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Consolidated Edison by 425.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,075 shares of the utilities provider’s stock worth $424,000 after buying an additional 3,300 shares during the period. Ritholtz Wealth Management bought a new stake in Consolidated Edison during the 3rd quarter valued at $211,000. HCR Wealth Advisors purchased a new stake in Consolidated Edison during the 3rd quarter valued at $228,000. Finally, Exchange Traded Concepts LLC lifted its position in shares of Consolidated Edison by 36.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 9,960 shares of the utilities provider’s stock worth $1,037,000 after purchasing an additional 2,646 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.7 %

Shares of NYSE ED opened at $96.05 on Monday. The company has a market cap of $33.27 billion, a PE ratio of 18.09, a P/E/G ratio of 3.04 and a beta of 0.39. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm’s 50 day moving average price is $91.96 and its 200-day moving average price is $98.17. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating 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 business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.54%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.03%.

Analyst Ratings Changes

Several brokerages recently issued reports on ED. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Finally, Scotiabank upgraded shares of 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 research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.