Newbridge Financial Services Group Inc. Makes New $109,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

Newbridge Financial Services Group Inc. purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,226 shares of the utilities provider’s stock, valued at approximately $109,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Consolidated Edison by 425.8% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,075 shares of the utilities provider’s stock worth $424,000 after purchasing an additional 3,300 shares during the period. Ritholtz Wealth Management bought a new stake in shares of Consolidated Edison in the third quarter valued at about $211,000. Exchange Traded Concepts LLC boosted its position in shares of Consolidated Edison by 36.2% during the third quarter. Exchange Traded Concepts LLC now owns 9,960 shares of the utilities provider’s stock worth $1,037,000 after buying an additional 2,646 shares during the period. Webster Bank N. A. grew its holdings in shares of Consolidated Edison by 189.5% during the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after buying an additional 379 shares in the last quarter. Finally, Rise Advisors LLC raised its position in Consolidated Edison by 4.9% in the 3rd quarter. Rise Advisors LLC now owns 3,407 shares of the utilities provider’s stock valued at $355,000 after buying an additional 158 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.6 %

Shares of NYSE:ED opened at $96.64 on Tuesday. 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. The company has a market capitalization of $33.48 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39. The company has a 50-day simple moving average of $91.96 and a 200 day simple moving average of $98.18.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.52%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent research reports. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price target for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Morgan Stanley reduced their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Mizuho lifted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Citigroup upgraded shares of 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 research note on Tuesday, October 15th. Finally, Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price 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.