Allen Capital Group LLC Acquires 4,417 Shares of Consolidated Edison, Inc. (NYSE:ED)

Allen Capital Group LLC grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 115.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,250 shares of the utilities provider’s stock after purchasing an additional 4,417 shares during the quarter. Allen Capital Group LLC’s holdings in Consolidated Edison were worth $859,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ED. Pathway Financial Advisers LLC boosted its position in shares of Consolidated Edison by 10,302.6% in the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after acquiring an additional 24,211 shares during the period. Plato Investment Management Ltd boosted its position in shares of Consolidated Edison by 17,683.9% in the first quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock valued at $904,000 after acquiring an additional 9,903 shares during the period. Cetera Advisors LLC boosted its position in shares of Consolidated Edison by 74.5% in the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock valued at $1,557,000 after acquiring an additional 7,324 shares during the period. Czech National Bank boosted its position in shares of Consolidated Edison by 8.5% in the second quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock valued at $5,893,000 after acquiring an additional 5,161 shares during the period. Finally, National Pension Service boosted its position in shares of Consolidated Edison by 7.0% in the third quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after acquiring an additional 30,838 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $98.67 on Friday. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock has a market cap of $34.18 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36. 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’s fifty day moving average price is $102.14 and its 200-day moving average price is $98.06.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, equities analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Bank of America raised their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays lowered their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Finally, UBS Group raised their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.35.

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.