Golden State Equity Partners Sells 200 Shares of Consolidated Edison Inc (NYSE:ED)

Golden State Equity Partners trimmed its stake in Consolidated Edison Inc (NYSE:ED) by 3.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,140 shares of the utilities provider’s stock after selling 200 shares during the quarter. Golden State Equity Partners’ holdings in Consolidated Edison were worth $568,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. OFI Invest Asset Management bought a new position in Consolidated Edison in the fourth quarter valued at approximately $35,000. Wood Tarver Financial Group LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $35,000. Fairway Wealth LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $36,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Consolidated Edison in the fourth quarter valued at approximately $44,000. Finally, Park Square Financial Group LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $45,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $98.03 on Thursday. The stock has a market cap of $35.32 billion, a P/E ratio of 18.12, a PEG ratio of 3.20 and a beta of 0.27. The stock has a 50 day simple moving average of $105.40 and a 200 day simple moving average of $100.63. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period in the previous year, the business posted $2.15 earnings per share. Research analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.85 per share. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Guggenheim raised their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. KeyCorp cut Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research report on Wednesday, May 14th. Wells Fargo & Company raised their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. UBS Group raised their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Finally, Citigroup raised their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.18.

About Consolidated Edison

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.