Golden State Wealth Management LLC Makes New $85,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

Golden State Wealth Management LLC purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 954 shares of the utilities provider’s stock, valued at approximately $85,000.

A number of other institutional investors also recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Consolidated Edison during the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new position in Consolidated Edison during the 3rd quarter valued at about $30,000. AlphaMark Advisors LLC bought a new stake in Consolidated Edison during the fourth quarter worth $27,000. FSA Wealth Management LLC bought a new stake in Consolidated Edison in the 3rd quarter worth about $55,000. Finally, CGC Financial Services LLC increased its position in shares of Consolidated Edison by 64.0% during the 4th quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 213 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the subject of several research reports. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Barclays decreased their price objective on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research note on Monday, January 27th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Morgan Stanley decreased their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $100.00.

Consolidated Edison Trading Up 0.7 %

Shares of ED opened at $96.05 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The company has a market capitalization of $33.27 billion, a P/E ratio of 18.09, a P/E/G ratio of 3.04 and a beta of 0.39. The firm’s 50 day simple moving average is $91.96 and its 200 day simple moving average is $98.17.

Consolidated Edison (NYSE:ED) last announced 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. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Sell-side analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.54%. Consolidated Edison’s dividend payout ratio is 64.03%.

Consolidated Edison Company 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.