Wealth Alliance Advisory Group LLC Sells 4,840 Shares of Consolidated Edison, Inc. (NYSE:ED)

Wealth Alliance Advisory Group LLC trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 58.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,500 shares of the utilities provider’s stock after selling 4,840 shares during the period. Wealth Alliance Advisory Group LLC’s holdings in Consolidated Edison were worth $364,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Clean Energy Transition LLP increased its position in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after acquiring an additional 532,893 shares in the last quarter. AMF Tjanstepension AB boosted its stake in shares of Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after purchasing an additional 352,903 shares in the last quarter. Swedbank AB purchased a new position in Consolidated Edison in the 1st quarter worth $30,515,000. Finally, LPL Financial LLC raised its position in Consolidated Edison by 101.3% in the 2nd quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock worth $54,242,000 after purchasing an additional 305,291 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ED. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Guggenheim increased their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays boosted their price target on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $98.27.

Consolidated Edison Trading Up 1.0 %

Shares of NYSE ED opened at $106.76 on Friday. The stock has a market cap of $36.92 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $106.77. The firm has a 50-day moving average of $102.80 and a 200 day moving average of $96.64.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the business earned $0.61 earnings per share. As a group, sell-side analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.11%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Consolidated Edison 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.