IFG Advisory LLC Buys 1,470 Shares of Consolidated Edison, Inc. (ED)

IFG Advisory LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 41.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,020 shares of the utilities provider’s stock after acquiring an additional 1,470 shares during the quarter. IFG Advisory LLC’s holdings in Consolidated Edison were worth $382,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Autus Asset Management LLC increased its position in shares of Consolidated Edison by 0.9% during the second quarter. Autus Asset Management LLC now owns 70,652 shares of the utilities provider’s stock worth $5,509,000 after acquiring an additional 656 shares during the period. Laurel Wealth Advisors Inc. increased its position in shares of Consolidated Edison by 1.3% during the second quarter. Laurel Wealth Advisors Inc. now owns 51,327 shares of the utilities provider’s stock worth $4,002,000 after acquiring an additional 662 shares during the period. Howe & Rusling Inc. increased its position in shares of Consolidated Edison by 58.4% during the second quarter. Howe & Rusling Inc. now owns 1,804 shares of the utilities provider’s stock worth $141,000 after acquiring an additional 665 shares during the period. Union Bankshares Corp increased its position in shares of Consolidated Edison by 17.5% during the second quarter. Union Bankshares Corp now owns 4,584 shares of the utilities provider’s stock worth $357,000 after acquiring an additional 684 shares during the period. Finally, State Treasurer State of Michigan grew its stake in shares of Consolidated Edison by 0.8% during the third quarter. State Treasurer State of Michigan now owns 92,728 shares of the utilities provider’s stock worth $7,065,000 after purchasing an additional 700 shares in the last quarter. 58.60% of the stock is currently owned by institutional investors and hedge funds.

Shares of ED stock opened at $79.00 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.62 and a quick ratio of 0.56. The firm has a market cap of $24.37 billion and a P/E ratio of 19.32. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $89.70.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. The firm had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.17 billion. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. During the same quarter in the previous year, the firm posted $1.47 earnings per share. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.28 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be paid a $0.715 dividend. The ex-dividend date is Tuesday, November 13th. This represents a $2.86 annualized dividend and a yield of 3.62%. Consolidated Edison’s dividend payout ratio is presently 69.93%.

A number of equities analysts recently commented on ED shares. Citigroup boosted their target price on shares of Consolidated Edison from $79.00 to $80.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 16th. Bank of America lowered their target price on shares of Consolidated Edison from $87.00 to $83.00 and set a “buy” rating for the company in a research note on Friday, November 2nd. ValuEngine downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research note on Tuesday, August 7th. Finally, UBS Group boosted their target price on shares of Consolidated Edison from $83.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, September 21st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $77.18.

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Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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