PNC Financial Services Group Inc. Sells 18,690 Shares of Consolidated Edison, Inc. (NYSE:ED)

PNC Financial Services Group Inc. cut its position in Consolidated Edison, Inc. (NYSE:ED) by 6.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 281,228 shares of the utilities provider’s stock after selling 18,690 shares during the quarter. PNC Financial Services Group Inc. owned about 0.08% of Consolidated Edison worth $29,284,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ED. Clean Energy Transition LLP boosted its position in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares during the period. International Assets Investment Management LLC raised its stake in Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after purchasing an additional 548,204 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Consolidated Edison by 4,020.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after purchasing an additional 396,985 shares in the last quarter. Finally, AMF Tjanstepension AB increased its holdings in shares of Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $97.88 on Thursday. The firm has a market cap of $33.91 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 3.24 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The firm’s fifty day moving average is $102.23 and its 200-day moving average is $98.06. 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 (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for 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%. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Analysts Set New Price Targets

ED has been the subject of several recent research reports. Morgan Stanley boosted their price target on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Barclays reduced their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Scotiabank raised their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average target price of $98.35.

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.