Shufro Rose & Co. LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Shufro Rose & Co. LLC bought a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,582 shares of the utilities provider’s stock, valued at approximately $221,000.

Several other hedge funds also recently modified their holdings of the business. Diversified Trust Co boosted its stake in Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after acquiring an additional 21,604 shares during the last quarter. abrdn plc boosted its stake in Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after acquiring an additional 72,273 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Consolidated Edison by 169.9% during the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares during the last quarter. Blackhawk Capital Partners LLC. bought a new position in Consolidated Edison during the 4th quarter worth approximately $1,551,000. Finally, Mariner LLC boosted its stake in Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after acquiring an additional 18,270 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $92.93 on Monday. The company has a market cap of $32.11 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 8.75 and a beta of 0.35. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.44. The company’s fifty day simple moving average is $89.52 and its 200 day simple moving average is $89.92. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.57%. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. UBS Group cut 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 note on Friday, February 16th. Barclays lifted their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target on the stock. Finally, Royal Bank of Canada lowered their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $87.54.

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.