US Bancorp DE lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,580 shares of the utilities provider’s stock after selling 1,776 shares during the quarter. US Bancorp DE’s holdings in Consolidated Edison were worth $5,033,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Calton & Associates Inc. bought a new stake in Consolidated Edison during the fourth quarter worth $119,000. Bray Capital Advisors purchased a new position in Consolidated Edison in the first quarter worth $166,000. Meeder Asset Management Inc. purchased a new position in Consolidated Edison in the first quarter worth $177,000. Cranbrook Wealth Management LLC purchased a new position in Consolidated Edison in the first quarter worth $178,000. Finally, Aevitas Wealth Management Inc. purchased a new position in Consolidated Edison in the fourth quarter worth $186,000. Institutional investors and hedge funds own 57.09% of the company’s stock.
Shares of NYSE ED opened at $75.88 on Friday. Consolidated Edison, Inc. has a one year low of $73.35 and a one year high of $89.70. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.61 and a current ratio of 0.67. The firm has a market cap of $23.34 billion, a PE ratio of 18.55, a PEG ratio of 4.41 and a beta of 0.05.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 3rd. The utilities provider reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Consolidated Edison had a return on equity of 8.61% and a net margin of 12.86%. The firm had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.23 billion. During the same quarter in the prior year, the firm earned $1.27 EPS. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. research analysts expect that Consolidated Edison, Inc. will post 4.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Wednesday, May 16th will be given a dividend of $0.715 per share. The ex-dividend date is Tuesday, May 15th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.77%. Consolidated Edison’s dividend payout ratio is presently 69.93%.
Several research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Consolidated Edison from $75.00 to $78.00 and gave the stock a “sell” rating in a research report on Tuesday, April 10th. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Morgan Stanley cut their price objective on Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 13th. Zacks Investment Research raised Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, UBS assumed coverage on Consolidated Edison in a research report on Friday, February 2nd. They issued a “neutral” rating and a $80.00 price objective on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Consolidated Edison has an average rating of “Hold” and a consensus price target of $82.69.
Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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