Vest Financial LLC Boosts Stake in Consolidated Edison, Inc. (NYSE:ED)

Vest Financial LLC increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 14.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 605,119 shares of the utilities provider’s stock after purchasing an additional 74,649 shares during the period. Consolidated Edison makes up approximately 1.0% of Vest Financial LLC’s investment portfolio, making the stock its 12th largest position. Vest Financial LLC’s holdings in Consolidated Edison were worth $66,920,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Wood Tarver Financial Group LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $35,000. Fairway Wealth LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $36,000. Centricity Wealth Management LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $102.11 on Friday. The firm’s fifty day simple moving average is $107.50 and its 200-day simple moving average is $100.36. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. 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 firm has a market capitalization of $36.79 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 3.05 and a beta of 0.29.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the business earned $2.15 earnings per share. Equities analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.33%. Consolidated Edison’s dividend payout ratio is currently 62.85%.

Analyst Upgrades and Downgrades

Several brokerages have commented on ED. Scotiabank raised their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Morgan Stanley decreased their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating for the company in a research report on Thursday, May 22nd. Guggenheim raised their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. KeyCorp cut shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a research report on Wednesday, May 14th. Finally, Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $104.27.

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.