Evercore Wealth Management LLC grew its position in Consolidated Edison, Inc. (NYSE:ED) by 41.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,699 shares of the utilities provider’s stock after buying an additional 2,567 shares during the period. Evercore Wealth Management LLC’s holdings in Consolidated Edison were worth $701,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Armbruster Capital Management Inc. boosted its stake in Consolidated Edison by 127.3% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 700 shares in the last quarter. WFG Advisors LP boosted its stake in Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 214 shares in the last quarter. AllSquare Wealth Management LLC acquired a new stake in Consolidated Edison in the 3rd quarter worth approximately $113,000. Pinnacle Financial Partners Inc. acquired a new stake in Consolidated Edison in the 2nd quarter worth approximately $164,000. Finally, Dupont Capital Management Corp acquired a new stake in Consolidated Edison in the 2nd quarter worth approximately $191,000. Institutional investors and hedge funds own 55.69% of the company’s stock.
Consolidated Edison, Inc. (NYSE ED) opened at $88.48 on Tuesday. Consolidated Edison, Inc. has a 1 year low of $68.85 and a 1 year high of $89.58. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.70 and a current ratio of 0.79. The stock has a market cap of $27,540.31, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 7.24 and a beta of 0.10.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is 69.00%.
A number of analysts recently commented on ED shares. Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Morgan Stanley lifted their target price on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research note on Thursday, August 10th. BidaskClub upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Jefferies Group reissued a “hold” rating and set a $83.50 price target on shares of Consolidated Edison in a research report on Thursday, August 31st. Finally, Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target for the company. in a research report on Tuesday, September 26th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $80.32.
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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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