Procyon Advisors LLC Buys 1,488 Shares of Consolidated Edison, Inc. (NYSE:ED)

Procyon Advisors LLC raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,861 shares of the utilities provider’s stock after purchasing an additional 1,488 shares during the period. Procyon Advisors LLC’s holdings in Consolidated Edison were worth $1,951,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ED. State Street Corp lifted its position in shares of Consolidated Edison by 1.7% during the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares during the last quarter. Geode Capital Management LLC increased its position in Consolidated Edison by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock worth $919,041,000 after buying an additional 107,281 shares during the period. Charles Schwab Investment Management Inc. increased its position in Consolidated Edison by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock worth $223,741,000 after buying an additional 28,254 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Consolidated Edison by 4.0% during the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after buying an additional 82,985 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after acquiring an additional 125,859 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 1.6 %

Shares of ED opened at $93.74 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 stock has a market cap of $32.47 billion, a PE ratio of 17.65, a PEG ratio of 2.81 and a beta of 0.38. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The stock has a 50 day simple moving average of $93.44 and a 200-day simple moving average of $97.81.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The firm 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, sell-side analysts predict that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.63%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their target price for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Barclays dropped their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. 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 research note on Friday, November 22nd. UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $100.64.

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.