AssuredPartners Investment Advisors LLC Acquires Shares of 10,287 Consolidated Edison, Inc. (NYSE:ED)

AssuredPartners Investment Advisors LLC bought a new position in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, Holdings Channel reports. The fund bought 10,287 shares of the utilities provider’s stock, valued at approximately $918,000.

Other institutional investors also recently modified their holdings of the company. United Bank bought a new position in Consolidated Edison during the 3rd quarter valued at approximately $227,000. Cerity Partners LLC increased its position in shares of Consolidated Edison by 17.5% during the 3rd quarter. Cerity Partners LLC now owns 77,323 shares of the utilities provider’s stock valued at $8,052,000 after purchasing an additional 11,528 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Consolidated Edison by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 242,614 shares of the utilities provider’s stock worth $25,263,000 after buying an additional 1,507 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after buying an additional 124 shares during the period. Finally, FMR LLC lifted its holdings in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on ED shares. UBS Group upped their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Barclays increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Scotiabank raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Mizuho boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $107.89 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market capitalization of $37.41 billion, a P/E ratio of 20.59, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $109.36. The company’s 50-day moving average is $99.26 and its 200 day moving average is $98.53.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were paid a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s payout ratio is currently 64.89%.

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.