Alps Advisors Inc. Buys 4,701 Shares of Consolidated Edison Inc $ED

Alps Advisors Inc. grew its stake in shares of Consolidated Edison Inc (NYSE:ED) by 110.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,947 shares of the utilities provider’s stock after buying an additional 4,701 shares during the period. Alps Advisors Inc.’s holdings in Consolidated Edison were worth $899,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Salomon & Ludwin LLC raised its position in shares of Consolidated Edison by 270.4% in the 3rd quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 219 shares during the period. Bogart Wealth LLC increased its stake in Consolidated Edison by 886.5% in the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Consolidated Edison in the third quarter worth $38,000. True Wealth Design LLC raised its holdings in Consolidated Edison by 392.1% in the third quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock worth $50,000 after purchasing an additional 396 shares during the period. Finally, Webster Bank N. A. boosted 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 worth $50,000 after purchasing an additional 200 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction 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 sale, the director directly owned 38,661 shares in the company, valued at $3,745,864.29. The trade was a 5.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ED. JPMorgan Chase & Co. lowered their price objective on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. UBS Group boosted their target price on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research report on Monday, December 29th. KeyCorp cut their price objective on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $96.00 price objective on shares of Consolidated Edison in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $104.20.

Consolidated Edison Stock Up 1.2%

Consolidated Edison stock opened at $109.69 on Thursday. Consolidated Edison Inc has a fifty-two week low of $93.52 and a fifty-two week high of $114.87. The firm has a market capitalization of $39.59 billion, a PE ratio of 19.18, a P/E/G ratio of 2.96 and a beta of 0.38. The company’s 50-day moving average is $101.51 and its 200-day moving average is $100.45. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97.

Consolidated Edison Increases Dividend

The company also recently disclosed 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 is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, February 18th. Consolidated Edison’s dividend payout ratio is presently 59.44%.

Consolidated Edison 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.