US Bancorp DE Trims Stock Position in Consolidated Edison, Inc. (NYSE:ED)

US Bancorp DE lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 18.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 53,373 shares of the utilities provider’s stock after selling 12,040 shares during the quarter. US Bancorp DE’s holdings in Consolidated Edison were worth $4,763,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ED. Van ECK Associates Corp increased its holdings in Consolidated Edison by 2.9% in the 3rd quarter. Van ECK Associates Corp now owns 95,927 shares of the utilities provider’s stock valued at $10,303,000 after purchasing an additional 2,681 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in Consolidated Edison in the 3rd quarter valued at approximately $75,000. National Pension Service increased its holdings in Consolidated Edison by 7.0% in the 3rd quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after purchasing an additional 30,838 shares during the last quarter. Crestwood Advisors Group LLC increased its holdings in Consolidated Edison by 3.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 5,161 shares of the utilities provider’s stock valued at $537,000 after purchasing an additional 192 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC increased its holdings in Consolidated Edison by 1.5% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 10,225 shares of the utilities provider’s stock valued at $1,065,000 after purchasing an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. UBS Group lifted their target price on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Barclays lifted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Scotiabank boosted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Finally, Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.50.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $100.18 on Thursday. The stock has a market cap of $34.73 billion, a P/E ratio of 19.12, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39. The company has a fifty day simple moving average of $93.89 and a 200-day simple moving average of $98.00. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data 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 business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Equities analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s payout ratio is 64.89%.

Consolidated Edison 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.