Palumbo Wealth Management LLC Sells 1,974 Shares of Consolidated Edison, Inc. (NYSE:ED)

Palumbo Wealth Management LLC reduced its stake in Consolidated Edison, Inc. (NYSE:ED) by 39.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,068 shares of the utilities provider’s stock after selling 1,974 shares during the period. Palumbo Wealth Management LLC’s holdings in Consolidated Edison were worth $274,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in shares of Consolidated Edison in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the third quarter valued at approximately $30,000. AlphaMark Advisors LLC bought a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $27,000. FSA Wealth Management LLC bought a new stake in shares of Consolidated Edison in the third quarter valued at approximately $55,000. Finally, CGC Financial Services LLC boosted its stake in shares of Consolidated Edison by 64.0% in the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after buying an additional 213 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ED has been the subject of several recent analyst reports. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Barclays cut their target price on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Mizuho upped 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, Morgan Stanley cut their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $100.00.

Consolidated Edison Stock Down 0.7 %

Shares of NYSE:ED opened at $95.01 on Friday. The company has a fifty day moving average of $91.84 and a 200-day moving average of $98.13. The company has a market capitalization of $32.91 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39. 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 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.58%. Consolidated Edison’s dividend payout ratio is 62.52%.

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.