Newbridge Financial Services Group Inc. Sells 491 Shares of Consolidated Edison, Inc. (NYSE:ED)

Newbridge Financial Services Group Inc. trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 30.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,140 shares of the utilities provider’s stock after selling 491 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Consolidated Edison were worth $104,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Advisors Capital Management LLC grew its holdings in shares of Consolidated Edison by 3.8% in the third quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock worth $283,000 after purchasing an additional 122 shares during the last quarter. Jeppson Wealth Management LLC grew its holdings in Consolidated Edison by 1.6% during the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after acquiring an additional 125 shares in the last quarter. Sandy Spring Bank grew its holdings in Consolidated Edison by 11.4% during the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock worth $111,000 after acquiring an additional 125 shares in the last quarter. Syon Capital LLC grew its holdings in Consolidated Edison by 2.3% during the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock worth $542,000 after acquiring an additional 136 shares in the last quarter. Finally, Syntax Advisors LLC grew its holdings in Consolidated Edison by 5.5% during the 3rd quarter. Syntax Advisors LLC now owns 2,758 shares of the utilities provider’s stock worth $236,000 after acquiring an additional 144 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Scotiabank decreased their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Mizuho increased their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Finally, Morgan Stanley increased their price objective on shares of Consolidated Edison from $73.00 to $80.00 and gave the company an “underweight” rating in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $89.58.

Consolidated Edison Price Performance

Consolidated Edison stock traded down $0.47 during trading on Tuesday, reaching $90.18. The company had a trading volume of 148,337 shares, compared to its average volume of 1,925,118. The firm’s 50-day simple moving average is $93.47 and its 200 day simple moving average is $91.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The firm has a market capitalization of $31.19 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 2.30 and a beta of 0.35. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $98.85.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the previous year, the firm earned $1.83 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.68%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

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.