Congress Wealth Management LLC DE Lowers Position in Consolidated Edison, Inc. (NYSE:ED)

Congress Wealth Management LLC DE reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 33.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 10,811 shares of the utilities provider’s stock after selling 5,351 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Consolidated Edison were worth $965,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ED. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $27,000. OFI Invest Asset Management bought a new position in shares of Consolidated Edison in the 4th quarter worth $35,000. Fairway Wealth LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at $36,000. Centricity Wealth Management LLC bought a new stake in shares of Consolidated Edison during the 4th quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison in the fourth quarter worth $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $107.89 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 company has a 50-day moving average price of $99.26 and a 200-day moving average price of $98.53. The company has a market cap of $37.41 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $109.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, equities analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given 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 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. Scotiabank raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. UBS Group upped their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Morgan Stanley lifted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday, March 20th. Finally, Mizuho upped their price objective 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. Two investment analysts have rated the stock with a sell rating, seven have issued 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, Consolidated Edison currently has an average rating of “Hold” and an average price target of $102.40.

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.