Alps Advisors Inc. Purchases 4,701 Shares of Consolidated Edison Inc $ED

Alps Advisors Inc. boosted its position in shares of Consolidated Edison Inc (NYSE:ED) by 110.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,947 shares of the utilities provider’s stock after buying an additional 4,701 shares during the period. Alps Advisors Inc.’s holdings in Consolidated Edison were worth $899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ED. Norges Bank acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $462,218,000. Vanguard Group Inc. lifted its stake in Consolidated Edison by 4.5% during the second quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock worth $4,519,845,000 after purchasing an additional 1,923,717 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Consolidated Edison by 2,190.9% during the second quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock worth $98,158,000 after purchasing an additional 935,463 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Consolidated Edison in the 3rd quarter valued at $60,497,000. Finally, Geode Capital Management LLC increased its stake in shares of Consolidated Edison by 6.1% in the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock valued at $979,204,000 after purchasing an additional 566,358 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the transaction, the director directly owned 38,661 shares of the company’s stock, valued at approximately $3,745,864.29. The trade was a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Consolidated Edison Trading Up 1.2%

Shares of NYSE ED opened at $109.69 on Thursday. The stock has a market cap of $39.59 billion, a P/E ratio of 19.18, a price-to-earnings-growth ratio of 2.96 and a beta of 0.38. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. Consolidated Edison Inc has a 52-week low of $93.52 and a 52-week high of $114.87. The firm has a 50 day moving average price of $101.51 and a two-hundred day moving average price of $100.45.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 annualized dividend and a yield of 3.2%. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.44%.

Analysts Set New Price Targets

ED has been the subject of several recent analyst reports. Barclays dropped their price objective on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, January 22nd. Wells Fargo & Company dropped their target price on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. JPMorgan Chase & Co. reduced their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a research note on Friday, December 12th. UBS Group upped their price objective on shares of Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Finally, Morgan Stanley reissued an “underweight” rating and issued a $96.00 price objective on shares of Consolidated Edison in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $104.20.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.