SVB Wealth LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

SVB Wealth LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,439 shares of the utilities provider’s stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. MGO One Seven LLC lifted its stake in shares of Consolidated Edison by 2.1% in the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after purchasing an additional 119 shares in the last quarter. Advisors Capital Management LLC lifted its stake in shares of Consolidated Edison by 3.8% in the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock valued at $283,000 after purchasing an additional 122 shares in the last quarter. Jeppson Wealth Management LLC lifted its stake in shares of Consolidated Edison by 1.6% in the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock valued at $702,000 after purchasing an additional 125 shares in the last quarter. Sandy Spring Bank lifted its stake in shares of Consolidated Edison by 11.4% in the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after purchasing an additional 125 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its stake in shares of Consolidated Edison by 4.9% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 2,764 shares of the utilities provider’s stock valued at $236,000 after purchasing an additional 128 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

ED stock opened at $92.73 on Tuesday. 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, Inc. has a 52-week low of $80.46 and a 52-week high of $100.92. The stock’s 50 day moving average is $89.03 and its two-hundred day moving average is $89.76. The company has a market capitalization of $32.04 billion, a PE ratio of 12.92, a P/E/G ratio of 8.65 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the previous year, the business earned $0.81 EPS. The business’s quarterly revenue was down 14.6% on a year-over-year basis. Analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.58%. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ED. Barclays lifted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Royal Bank of Canada dropped their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Scotiabank dropped their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Finally, LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price on the stock. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $87.54.

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.