RIA Advisory Group LLC Acquires Shares of 5,291 Consolidated Edison, Inc. (NYSE:ED)

RIA Advisory Group LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,291 shares of the utilities provider's stock, valued at approximately $551,000.

Other hedge funds also recently made changes to their positions in the company. Natixis Advisors LLC lifted its holdings in Consolidated Edison by 7.1% during the 3rd quarter. Natixis Advisors LLC now owns 171,322 shares of the utilities provider's stock worth $17,840,000 after purchasing an additional 11,419 shares during the last quarter. Mizuho Securities USA LLC lifted its holdings in Consolidated Edison by 387.4% during the 3rd quarter. Mizuho Securities USA LLC now owns 129,952 shares of the utilities provider's stock worth $13,532,000 after purchasing an additional 103,288 shares during the last quarter. Archer Investment Corp lifted its holdings in Consolidated Edison by 49.5% during the 3rd quarter. Archer Investment Corp now owns 8,250 shares of the utilities provider's stock worth $859,000 after purchasing an additional 2,731 shares during the last quarter. Empowered Funds LLC lifted its holdings in Consolidated Edison by 7.6% during the 3rd quarter. Empowered Funds LLC now owns 5,785 shares of the utilities provider's stock worth $602,000 after purchasing an additional 409 shares during the last quarter. Finally, Empirical Finance LLC lifted its holdings in Consolidated Edison by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 11,963 shares of the utilities provider's stock worth $1,246,000 after purchasing an additional 249 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ED has been the subject of several research reports. Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a "buy" rating in a report on Monday, August 5th. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a "neutral" rating in a report on Friday, September 20th. Barclays dropped their price objective on Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating for the company in a report on Friday, November 8th. Citigroup raised Consolidated Edison from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Guggenheim lifted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a "neutral" rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $98.35.

Consolidated Edison Stock Up 1.3 %

ED stock traded up $1.20 during trading on Friday, reaching $96.44. 2,239,156 shares of the stock were exchanged, compared to its average volume of 1,870,506. The firm's 50 day moving average is $102.68 and its 200 day moving average is $97.99. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm has a market cap of $33.41 billion, a P/E ratio of 18.16, a price-to-earnings-growth ratio of 3.21 and a beta of 0.36.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison's dividend payout ratio is presently 62.52%.

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.