Wells Trecaso Financial Group LLC Makes New Investment in Consolidated Edison Inc (NYSE:ED)

Wells Trecaso Financial Group LLC bought a new position in Consolidated Edison Inc (NYSE:ED) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,050 shares of the utilities provider’s stock, valued at approximately $227,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Merit Financial Group LLC raised its holdings in Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock worth $1,180,000 after acquiring an additional 1,533 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock worth $885,000 after purchasing an additional 4,451 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in shares of Consolidated Edison by 22.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider’s stock worth $671,000 after purchasing an additional 1,366 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Consolidated Edison by 21.2% during the fourth quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider’s stock valued at $8,736,000 after purchasing an additional 17,147 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Consolidated Edison by 16.4% during the fourth quarter. Allworth Financial LP now owns 5,844 shares of the utilities provider’s stock valued at $530,000 after purchasing an additional 823 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Down 0.3%

ED opened at $101.34 on Wednesday. The firm’s 50 day simple moving average is $106.56 and its two-hundred day simple moving average is $100.51. The company has a market capitalization of $36.51 billion, a PE ratio of 18.73, a PEG ratio of 3.25 and a beta of 0.27. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same quarter last year, the company earned $2.15 earnings per share. As a group, equities analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Citigroup boosted their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Guggenheim lifted their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Scotiabank increased their price objective 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. UBS Group lifted their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Finally, Wells Fargo & Company increased their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus 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.