Regal Investment Advisors LLC lifted its position in shares of Consolidated Edison Inc (NYSE:ED) by 0.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,104 shares of the utilities provider’s stock after purchasing an additional 200 shares during the period. Consolidated Edison accounts for approximately 1.2% of Regal Investment Advisors LLC’s investment portfolio, making the stock its 16th biggest holding. Regal Investment Advisors LLC’s holdings in Consolidated Edison were worth $4,938,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Girard Partners LTD. increased its stake in shares of Consolidated Edison by 91.9% during the second quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock worth $451,000 after purchasing an additional 2,671 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Consolidated Edison by 3.8% during the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock worth $16,770,000 after purchasing an additional 8,002 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Consolidated Edison by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock worth $46,977,000 after purchasing an additional 15,382 shares during the period. Dai Ichi Life Insurance Company Ltd increased its stake in shares of Consolidated Edison by 16.4% during the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock worth $4,921,000 after purchasing an additional 8,918 shares during the period. Finally, Financial Counselors Inc. increased its stake in shares of Consolidated Edison by 46.1% during the first quarter. Financial Counselors Inc. now owns 4,658 shares of the utilities provider’s stock worth $362,000 after purchasing an additional 1,469 shares during the period. Institutional investors own 55.09% of the company’s stock.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders bought 471 shares of company stock worth $39,202. Insiders own 0.20% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Morgan Stanley increased their target price on Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a research note on Friday. Jefferies Group LLC reiterated a “hold” rating and set a $83.50 target price on shares of Consolidated Edison in a research note on Thursday, August 31st. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $77.12.
Shares of Consolidated Edison Inc (NYSE ED) traded up 0.93% during midday trading on Friday, hitting $85.53. The company’s stock had a trading volume of 1,505,452 shares. The firm has a market cap of $26.14 billion, a P/E ratio of 20.69 and a beta of 0.09. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.68. The stock’s 50 day moving average is $83.46 and its 200-day moving average is $80.66.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.03. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period in the previous year, the company posted $0.60 EPS. Equities analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.23%. Consolidated Edison’s payout ratio is currently 66.67%.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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