Consolidated Edison Inc (ED) Position Decreased by IFC Holdings Incorporated FL
IFC Holdings Incorporated FL decreased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,520 shares of the utilities provider’s stock after selling 747 shares during the period. IFC Holdings Incorporated FL’s holdings in Consolidated Edison were worth $1,093,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in ED. Ameriprise Financial Inc. raised its position in shares of Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock valued at $16,770,000 after buying an additional 8,002 shares during the period. Rockland Trust Co. raised its position in shares of Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock valued at $4,338,000 after buying an additional 1,799 shares during the period. Dai Ichi Life Insurance Company Ltd raised its position in shares of Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock valued at $4,921,000 after buying an additional 8,918 shares during the period. Washington Trust Bank raised its position in shares of Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock valued at $260,000 after buying an additional 2,452 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Consolidated Edison by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock valued at $46,977,000 after buying an additional 15,382 shares during the period. Institutional investors and hedge funds own 55.61% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 82.87 on Friday. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The company has a 50 day moving average price of $82.01 and a 200-day moving average price of $79.28. The stock has a market cap of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the business posted $0.60 EPS. Equities analysts predict that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be issued a $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.33%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
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ED has been the subject of several recent analyst reports. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Friday, May 12th. BMO Capital Markets restated a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research report on Friday, May 5th. Barclays PLC restated an “equal weight” rating and set a $82.00 target price (up previously from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. Jefferies Group LLC lowered Consolidated Edison from a “buy” rating to a “hold” rating and dropped their target price for the company from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $76.96.
In related news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was purchased at an average price of $79.74 per share, for a total transaction of $71,766.00. Following the acquisition, the director now owns 8,748 shares of the company’s stock, valued at $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 1,319 shares of company stock valued at $106,510 in the last quarter. 0.20% of the stock is owned by 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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