Callan Capital LLC Raises Position in Consolidated Edison, Inc. (NYSE:ED)

Callan Capital LLC grew its position in Consolidated Edison, Inc. (NYSE:ED) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,726 shares of the utilities provider’s stock after acquiring an additional 305 shares during the period. Callan Capital LLC’s holdings in Consolidated Edison were worth $248,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ED. Diversified Trust Co lifted its holdings in shares of Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after purchasing an additional 21,604 shares in the last quarter. abrdn plc lifted its holdings in shares of Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares in the last quarter. Blackhawk Capital Partners LLC. purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $1,551,000. Finally, Mariner LLC lifted its holdings in shares of Consolidated Edison by 24.9% in the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock valued at $7,844,000 after purchasing an additional 18,270 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of several recent analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective on the stock. Scotiabank cut their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Barclays increased their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Finally, Royal Bank of Canada cut their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $87.54.

Consolidated Edison Stock Performance

Shares of NYSE ED traded down $1.16 during midday trading on Friday, hitting $92.95. The company’s stock had a trading volume of 1,418,563 shares, compared to its average volume of 1,870,022. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.44. The firm’s fifty day moving average price is $89.52 and its 200-day moving average price is $89.90. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market cap of $32.12 billion, a P/E ratio of 12.95, a P/E/G ratio of 8.79 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the business posted $0.81 EPS. The company’s quarterly revenue was down 14.6% on a year-over-year basis. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.57%. Consolidated Edison’s dividend payout ratio is presently 46.24%.

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.