Consolidated Edison Inc (NYSE:ED) Shares Sold by Grove Bank & Trust
Grove Bank & Trust decreased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 20.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,721 shares of the utilities provider’s stock after selling 455 shares during the period. Grove Bank & Trust’s holdings in Consolidated Edison were worth $139,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ED. Stuart Chaussee & Associates Inc. increased its position in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the period. Tompkins Financial Corp bought a new position in shares of Consolidated Edison during the first quarter valued at about $118,000. Enterprise Financial Services Corp increased its position in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares during the period. Cypress Capital Management LLC WY increased its position in shares of Consolidated Edison by 491.7% in the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after buying an additional 1,475 shares during the period. Finally, Atwood & Palmer Inc. increased its position in shares of Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock valued at $141,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 55.82% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 82.80 on Friday. The company has a 50-day moving average price of $82.24 and a 200-day moving average price of $78.85. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $85.13. The firm has a market capitalization of $25.29 billion, a P/E ratio of 19.07 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 10.57%. During the same quarter in the previous year, the business earned $0.60 EPS. Equities analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s payout ratio is presently 66.67%.
Several research analysts have recently issued reports on ED shares. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a report on Friday, May 12th. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a report on Friday, May 5th. Barclays PLC reiterated an “equal weight” rating and set a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. Deutsche Bank AG upped their price target on shares of Consolidated Edison from $72.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Finally, Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price target for the stock from $88.00 to $83.50 in a report on Tuesday, June 13th. Six research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $76.82.
In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were bought at an average price of $79.74 per share, for a total transaction of $71,766.00. Following the transaction, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders purchased 1,319 shares of company stock worth $106,510. 0.20% of the stock is owned by corporate insiders.
About Consolidated Edison
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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