Regal Investment Advisors LLC boosted its stake in Consolidated Edison Inc (NYSE:ED) by 11.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,904 shares of the utilities provider’s stock after buying an additional 6,182 shares during the period. Consolidated Edison accounts for about 1.2% of Regal Investment Advisors LLC’s portfolio, making the stock its 15th largest position. Regal Investment Advisors LLC’s holdings in Consolidated Edison were worth $4,730,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Forte Capital LLC ADV increased its stake in Consolidated Edison by 5.3% in the first quarter. Forte Capital LLC ADV now owns 8,189 shares of the utilities provider’s stock valued at $636,000 after buying an additional 414 shares in the last quarter. Creative Planning increased its stake in Consolidated Edison by 2.0% in the first quarter. Creative Planning now owns 76,314 shares of the utilities provider’s stock valued at $5,927,000 after buying an additional 1,473 shares in the last quarter. Raymond James Trust N.A. increased its stake in Consolidated Edison by 0.8% in the first quarter. Raymond James Trust N.A. now owns 26,402 shares of the utilities provider’s stock valued at $2,050,000 after buying an additional 219 shares in the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in Consolidated Edison by 2.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 265,336 shares of the utilities provider’s stock valued at $20,606,000 after buying an additional 7,507 shares in the last quarter. Finally, Park National Corp OH increased its stake in Consolidated Edison by 16.3% in the first quarter. Park National Corp OH now owns 19,105 shares of the utilities provider’s stock valued at $1,484,000 after buying an additional 2,671 shares in the last quarter. 55.90% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Inc (ED) traded up 0.11% during trading on Friday, reaching $82.38. 2,204,290 shares of the company’s stock traded hands. The company has a market cap of $25.16 billion, a PE ratio of 18.97 and a beta of 0.08. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $85.13. The company has a 50 day moving average price of $82.27 and a 200-day moving average price of $78.63.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 4th. The utilities provider reported $1.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.08. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.05 billion. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. During the same period last year, the business earned $1.18 EPS. On average, equities research analysts forecast that Consolidated Edison Inc will post $4.08 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 63.59%.
Several research firms have recently weighed in on ED. BidaskClub downgraded shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and cut their price objective for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Zacks Investment Research lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Finally, BMO Capital Markets reissued a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a report on Monday, May 15th. Six research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $76.82.
In related news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, with a total value of $71,766.00. Following the transaction, the director now directly owns 8,748 shares of the company’s stock, valued at approximately $697,565.52. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders purchased a total of 1,240 shares of company stock worth $100,090 over the last ninety days. Insiders own 0.20% of the company’s stock.
Consolidated Edison Company Profile
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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