Tower Research Capital LLC TRC Sells 2,993 Shares of Consolidated Edison, Inc. (NYSE:ED)

Tower Research Capital LLC TRC cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 12.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,615 shares of the utilities provider’s stock after selling 2,993 shares during the period. Tower Research Capital LLC TRC’s holdings in Consolidated Edison were worth $1,929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. AlphaMark Advisors LLC bought a new position in Consolidated Edison in the 4th quarter worth $27,000. Fairway Wealth LLC purchased a new stake in Consolidated Edison in the fourth quarter worth about $36,000. OFI Invest Asset Management purchased a new stake in Consolidated Edison in the fourth quarter worth about $35,000. Centricity Wealth Management LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Consolidated Edison during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Citigroup raised their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. Barclays raised their price objective on shares of Consolidated Edison from $95.00 to $100.00 and gave the company an “underweight” rating in a research report on Tuesday. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. UBS Group raised their price target on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Scotiabank upped their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $103.30.

Consolidated Edison Trading Up 2.1 %

Shares of ED stock opened at $113.28 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $40.80 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. The stock’s 50-day moving average price is $105.44 and its 200-day moving average price is $99.32.

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 analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Equities research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison’s payout ratio is 64.89%.

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.