ProShare Advisors LLC Acquires 246,178 Shares of Consolidated Edison Inc $ED

ProShare Advisors LLC increased its holdings in Consolidated Edison Inc (NYSE:ED) by 16.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,749,662 shares of the utilities provider’s stock after purchasing an additional 246,178 shares during the period. ProShare Advisors LLC owned 0.49% of Consolidated Edison worth $175,876,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Salomon & Ludwin LLC boosted its position in shares of Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 219 shares during the last quarter. Bogart Wealth LLC lifted its stake in Consolidated Edison by 886.5% in the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Consolidated Edison during the 3rd quarter valued at about $38,000. True Wealth Design LLC grew its position in shares of Consolidated Edison by 392.1% during the third quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 396 shares in the last quarter. Finally, Webster Bank N. A. grew its position in shares of Consolidated Edison by 67.8% during the third quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 200 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ED shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. UBS Group upped their price objective on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Morgan Stanley reissued an “underweight” rating and issued a $96.00 target price on shares of Consolidated Edison in a report on Wednesday, January 21st. Royal Bank Of Canada restated a “sector perform” rating and issued a $118.00 price target on shares of Consolidated Edison in a research report on Friday, January 23rd. Finally, TD Cowen began coverage on shares of Consolidated Edison in a research report on Friday, January 9th. They set a “hold” rating and a $105.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Reduce” and an average target price of $104.20.

Consolidated Edison Stock Down 1.4%

NYSE ED opened at $107.38 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. Consolidated Edison Inc has a 52 week low of $93.52 and a 52 week high of $114.87. The firm has a market capitalization of $38.76 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 2.93 and a beta of 0.38. The company has a fifty day moving average of $100.84 and a two-hundred day moving average of $100.31.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the business earned $1.68 EPS. On average, analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be given a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. The ex-dividend date is Wednesday, February 18th. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.44%.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.