Main Street Financial Solutions LLC Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

Main Street Financial Solutions LLC increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,138 shares of the utilities provider’s stock after buying an additional 162 shares during the period. Main Street Financial Solutions LLC’s holdings in Consolidated Edison were worth $431,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison during the 3rd quarter worth $27,000. Beacon Capital Management LLC raised its holdings in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison during the third quarter valued at about $30,000. Pathway Financial Advisers LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $33,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. UBS Group increased their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Bank of America increased their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Guggenheim boosted their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $95.25 on Friday. The company has a 50 day simple moving average of $102.99 and a two-hundred day simple moving average of $98.00. The stock has a market cap of $33.00 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 3.26 and a beta of 0.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. As a group, analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.49%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.