Bryce Point Capital LLC Takes Position in Consolidated Edison Inc $ED

Bryce Point Capital LLC purchased a new position in shares of Consolidated Edison Inc (NYSE:ED) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,531 shares of the utilities provider’s stock, valued at approximately $556,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ED. Prospera Financial Services Inc raised its stake in shares of Consolidated Edison by 1.9% during the third quarter. Prospera Financial Services Inc now owns 8,753 shares of the utilities provider’s stock valued at $880,000 after purchasing an additional 160 shares during the period. AlTi Global Inc. grew its holdings in Consolidated Edison by 1.0% during the 3rd quarter. AlTi Global Inc. now owns 20,303 shares of the utilities provider’s stock valued at $2,040,000 after purchasing an additional 196 shares in the last quarter. Profund Advisors LLC increased its stake in Consolidated Edison by 4.1% during the 3rd quarter. Profund Advisors LLC now owns 18,856 shares of the utilities provider’s stock worth $1,895,000 after buying an additional 741 shares during the period. ProShare Advisors LLC lifted its holdings in Consolidated Edison by 16.4% in the 3rd quarter. ProShare Advisors LLC now owns 1,749,662 shares of the utilities provider’s stock worth $175,876,000 after buying an additional 246,178 shares in the last quarter. Finally, Windle Wealth LLC boosted its position in Consolidated Edison by 4.7% in the 3rd quarter. Windle Wealth LLC now owns 79,714 shares of the utilities provider’s stock valued at $8,013,000 after buying an additional 3,579 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of several recent analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. UBS Group upped their target price on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Royal Bank Of Canada reiterated a “sector perform” rating and set a $118.00 target price on shares of Consolidated Edison in a research note on Friday, January 23rd. Barclays reduced their price objective on shares of Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Reduce” and an average target price of $104.20.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $106.67 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The firm has a market capitalization of $38.50 billion, a PE ratio of 18.65, a P/E/G ratio of 2.93 and a beta of 0.38. Consolidated Edison Inc has a 1-year low of $93.52 and a 1-year high of $114.87. The business’s fifty day moving average price is $101.02 and its two-hundred day moving average price is $100.34.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, February 18th will be issued a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis 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 of this dividend is Wednesday, February 18th. Consolidated Edison’s dividend payout ratio is presently 59.44%.

Insider Activity

In related 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 completion of the transaction, the director directly owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This represents a 5.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Consolidated Edison Company Profile

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.