First Horizon Advisors Inc. Decreases Stake in Consolidated Edison, Inc. (NYSE:ED)

First Horizon Advisors Inc. lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 11.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,029 shares of the utilities provider’s stock after selling 270 shares during the quarter. First Horizon Advisors Inc.’s holdings in Consolidated Edison were worth $181,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison during the third quarter valued at approximately $27,000. AlphaMark Advisors LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison during the 3rd quarter valued at about $30,000. Centricity Wealth Management LLC acquired a new position in Consolidated Edison in the fourth quarter worth approximately $39,000. Finally, CGC Financial Services LLC grew its holdings in shares of Consolidated Edison by 64.0% in the 4th quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 213 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent analyst reports. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Barclays upped their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday. Finally, Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $101.50.

Consolidated Edison Price Performance

Shares of ED stock opened at $101.04 on Wednesday. The firm’s 50 day moving average price is $92.46 and its two-hundred day moving average price is $97.95. The stock has a market cap of $35.00 billion, a PE ratio of 19.28, a PEG ratio of 3.05 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 (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.37%. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

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.