Centricity Wealth Management LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Centricity Wealth Management LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 441 shares of the utilities provider’s stock, valued at approximately $39,000.

A number of other institutional investors have also added to or reduced their stakes in ED. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the 3rd quarter worth about $27,000. AlphaMark Advisors LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth $27,000. Ashton Thomas Securities LLC purchased a new position in Consolidated Edison in the 3rd quarter worth about $30,000. CGC Financial Services LLC raised its holdings in shares of Consolidated Edison by 64.0% during the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 213 shares during the last quarter. Finally, FSA Wealth Management LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at $55,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE:ED opened at $98.27 on Friday. The business’s 50-day simple moving average is $92.09 and its two-hundred day simple moving average is $98.00. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The stock has a market cap of $34.04 billion, a PE ratio of 18.51, a P/E/G ratio of 3.04 and a beta of 0.39. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.46%. Consolidated Edison’s dividend payout ratio is currently 64.03%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ED. Barclays reduced their price target on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Morgan Stanley dropped their price target 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. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price objective for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Mizuho lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $100.70.

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.