Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by Alliancebernstein L.P.

Alliancebernstein L.P. raised its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 2.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 459,244 shares of the utilities provider's stock after purchasing an additional 11,386 shares during the period. Alliancebernstein L.P. owned 0.13% of Consolidated Edison worth $40,978,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. AlphaMark Advisors LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $27,000. Fairway Wealth LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $36,000. OFI Invest Asset Management acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $35,000. Centricity Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on ED shares. Morgan Stanley lifted their target price on Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a research report on Thursday, March 20th. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research note on Monday, February 24th. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday. Mizuho boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a research note on Monday, February 3rd. Finally, Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $102.80.

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Consolidated Edison Stock Up 1.7 %

Shares of NYSE ED traded up $1.82 during trading on Thursday, reaching $107.59. 428,972 shares of the stock were exchanged, compared to its average volume of 2,204,527. The business's 50-day moving average price is $102.63 and its 200 day moving average price is $98.85. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $38.75 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were issued a $0.85 dividend. The ex-dividend date of this dividend was Wednesday, February 19th. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.16%. Consolidated Edison's dividend payout ratio is currently 64.89%.

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.