Cerity Partners LLC Buys 11,528 Shares of Consolidated Edison, Inc. (NYSE:ED)

Cerity Partners LLC grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 17.5% during the third quarter, Holdings Channel reports. The institutional investor owned 77,323 shares of the utilities provider’s stock after buying an additional 11,528 shares during the period. Cerity Partners LLC’s holdings in Consolidated Edison were worth $8,052,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Retirement Planning Co of New England Inc. lifted its holdings in Consolidated Edison by 4.2% during the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after purchasing an additional 100 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Consolidated Edison by 13.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after buying an additional 100 shares in the last quarter. Brookstone Capital Management boosted its holdings in Consolidated Edison by 0.6% in the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock worth $2,517,000 after buying an additional 136 shares during the period. Checchi Capital Advisers LLC increased its stake in Consolidated Edison by 2.6% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after buying an additional 141 shares in the last quarter. Finally, Center For Asset Management LLC raised its holdings in Consolidated Edison by 3.5% during the second quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock valued at $390,000 after acquiring an additional 147 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $101.58 on Thursday. The business’s 50 day moving average price is $101.81 and its 200-day moving average price is $98.15. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a market cap of $35.19 billion, a P/E ratio of 19.13, a P/E/G ratio of 3.34 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.27%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 62.52%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ED. Guggenheim lifted their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Bank of America raised their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays reduced their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Finally, Jefferies Financial Group started coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $98.19.

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.