Crowley Wealth Management Inc. Buys Shares of 7,654 Consolidated Edison, Inc. (NYSE:ED)

Crowley Wealth Management Inc. purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,654 shares of the utilities provider’s stock, valued at approximately $683,000.

Several other institutional investors and hedge funds have also modified their holdings of ED. Point72 Asset Management L.P. boosted its holdings in shares of Consolidated Edison by 1,766.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after buying an additional 935,962 shares during the period. Burkehill Global Management LP acquired a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $53,538,000. FMR LLC increased its position in shares of Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares during the period. Vanguard Group Inc. raised its stake in shares of Consolidated Edison by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock valued at $3,788,319,000 after purchasing an additional 488,752 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in Consolidated Edison by 350.6% in the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $107.85 on Friday. The stock has a market cap of $37.40 billion, a price-to-earnings ratio of 20.58, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $109.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The business’s 50-day simple moving average is $97.91 and its 200 day simple moving average is $98.40.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were given a $0.85 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. UBS Group increased their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Mizuho increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Morgan Stanley boosted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday. Scotiabank raised their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Company 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.