OLD National Bancorp IN Sells 5,694 Shares of Consolidated Edison, Inc. (NYSE:ED)

OLD National Bancorp IN lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 38.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,138 shares of the utilities provider’s stock after selling 5,694 shares during the quarter. OLD National Bancorp IN’s holdings in Consolidated Edison were worth $831,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. raised its position in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares in the last quarter. Level Financial Advisors Inc. bought a new stake in Consolidated Edison during the third quarter worth $26,000. Turtle Creek Wealth Advisors LLC bought a new stake in Consolidated Edison during the fourth quarter worth $29,000. Bruce G. Allen Investments LLC bought a new stake in Consolidated Edison during the fourth quarter worth $31,000. Finally, CVA Family Office LLC bought a new stake in Consolidated Edison during the fourth quarter worth $32,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on ED. UBS Group decreased their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday. Royal Bank of Canada decreased their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Finally, LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price objective on the stock. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $87.54.

Consolidated Edison Trading Up 0.1 %

Shares of Consolidated Edison stock opened at $92.83 on Wednesday. The company has a market capitalization of $32.07 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 8.75 and a beta of 0.35. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.92. The firm’s 50-day moving average price is $89.16 and its two-hundred day moving average price is $89.80.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. On average, analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.58%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

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.