Consolidated Edison, Inc. (ED) Position Boosted by Chicago Partners Investment Group LLC
Chicago Partners Investment Group LLC lifted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 211.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,200 shares of the utilities provider’s stock after purchasing an additional 2,850 shares during the period. Chicago Partners Investment Group LLC’s holdings in Consolidated Edison were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Itau Unibanco Holding S.A. increased its stake in Consolidated Edison by 385.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock worth $112,000 after buying an additional 1,145 shares in the last quarter. Peak Capital Management LLC purchased a new stake in Consolidated Edison during the 2nd quarter worth approximately $114,000. Psagot Investment House Ltd. purchased a new stake in Consolidated Edison during the 3rd quarter worth approximately $122,000. First Mercantile Trust Co. purchased a new stake in Consolidated Edison during the 2nd quarter worth approximately $123,000. Finally, ELM Advisors LLC purchased a new stake in Consolidated Edison during the 3rd quarter worth approximately $133,000. Hedge funds and other institutional investors own 58.60% of the company’s stock.
Several equities research analysts have commented on the company. Goldman Sachs Group upgraded Consolidated Edison from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $72.00 to $73.00 in a research note on Monday, November 5th. Bank of America cut their price objective on Consolidated Edison from $87.00 to $83.00 and set a “buy” rating for the company in a research note on Friday, November 2nd. Citigroup boosted their price objective on Consolidated Edison from $79.00 to $80.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 16th. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Friday, October 12th. Finally, ValuEngine upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $77.18.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.11. The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.17 billion. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. During the same period in the previous year, the firm posted $1.47 EPS. As a group, analysts expect that Consolidated Edison, Inc. will post 4.28 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Wednesday, November 14th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Tuesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 69.93%.
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Consolidated Edison Company 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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