Monument Capital Management Buys Shares of 24,117 Consolidated Edison, Inc. (ED)
Monument Capital Management bought a new position in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, HoldingsChannel reports. The fund bought 24,117 shares of the utilities provider’s stock, valued at approximately $2,048,000. Consolidated Edison comprises approximately 1.4% of Monument Capital Management’s holdings, making the stock its 25th biggest position.
A number of other institutional investors have also recently added to or reduced their stakes in ED. WFG Advisors LP grew its holdings in Consolidated Edison by 19.6% during the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after buying an additional 214 shares in the last quarter. AllSquare Wealth Management LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at approximately $113,000. Calton & Associates Inc. purchased a new stake in Consolidated Edison during the 4th quarter valued at approximately $119,000. Asset Dedication LLC purchased a new stake in Consolidated Edison during the 4th quarter valued at approximately $183,000. Finally, Round Table Services LLC purchased a new stake in Consolidated Edison during the 4th quarter valued at approximately $200,000. 56.02% of the stock is owned by institutional investors.
A number of equities research analysts have issued reports on ED shares. KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Bank of America initiated coverage on Consolidated Edison in a research report on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price for the company. JPMorgan Chase & Co. initiated coverage on Consolidated Edison in a research report on Friday, January 12th. They set an “underweight” rating and a $78.00 target price for the company. Finally, ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $81.86.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 14th will be given a dividend of $0.715 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Tuesday, February 13th. Consolidated Edison’s dividend payout ratio is currently 69.17%.
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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