Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. grew its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 26.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 139,487 shares of the utilities provider’s stock after acquiring an additional 29,195 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Consolidated Edison were worth $12,667,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of ED. Confluence Wealth Services Inc. raised its stake in shares of Consolidated Edison by 29.5% during the first quarter. Confluence Wealth Services Inc. now owns 4,392 shares of the utilities provider’s stock valued at $399,000 after purchasing an additional 1,000 shares in the last quarter. PFG Investments LLC raised its stake in shares of Consolidated Edison by 225.8% during the first quarter. PFG Investments LLC now owns 62,237 shares of the utilities provider’s stock valued at $5,652,000 after purchasing an additional 43,133 shares in the last quarter. Altfest L J & Co. Inc. raised its stake in shares of Consolidated Edison by 8.8% during the first quarter. Altfest L J & Co. Inc. now owns 5,491 shares of the utilities provider’s stock valued at $499,000 after purchasing an additional 444 shares in the last quarter. Raymond James & Associates raised its stake in shares of Consolidated Edison by 2.2% during the first quarter. Raymond James & Associates now owns 162,850 shares of the utilities provider’s stock valued at $14,788,000 after purchasing an additional 3,473 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its stake in shares of Consolidated Edison by 0.9% during the first quarter. IFM Investors Pty Ltd now owns 117,794 shares of the utilities provider’s stock valued at $10,697,000 after purchasing an additional 1,090 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ED. UBS Group dropped their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Royal Bank of Canada dropped their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. Barclays boosted their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Finally, Scotiabank cut their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus price target of $87.75.

Consolidated Edison Stock Performance

Shares of ED stock traded up $0.31 during trading hours on Friday, reaching $95.56. 2,465,195 shares of the company’s stock were exchanged, compared to its average volume of 2,284,421. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.44. The stock has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.97 and a beta of 0.34. The business has a fifty day moving average price of $90.21 and a 200-day moving average price of $90.13. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 earnings per share. Analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Consolidated Edison 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.