SOA Wealth Advisors LLC. Reduces Stock Position in Consolidated Edison, Inc. (NYSE:ED)

SOA Wealth Advisors LLC. decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 16.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,928 shares of the utilities provider’s stock after selling 3,220 shares during the quarter. SOA Wealth Advisors LLC.’s holdings in Consolidated Edison were worth $1,511,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its holdings in Consolidated Edison by 1,766.0% in the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after acquiring an additional 935,962 shares during the last quarter. FMR LLC raised its position in Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after purchasing an additional 548,204 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Consolidated Edison by 350.6% during the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares during the period. Finally, State Street Corp grew its holdings in shares of Consolidated Edison by 1.7% during the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.7 %

ED opened at $96.05 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a market cap of $33.27 billion, a P/E ratio of 18.09, a PEG ratio of 2.99 and a beta of 0.39. The business’s 50-day simple moving average is $92.05 and its 200-day simple moving average is $98.12.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion for 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%. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.54%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Ratings Changes

ED has been the topic of a number of recent analyst reports. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their target price for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Mizuho lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Barclays dropped their target price on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Finally, Morgan Stanley reduced their price target on shares of 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 equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $100.00.

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.