Wilbanks Smith & Thomas Asset Management LLC Sells 430 Shares of Consolidated Edison, Inc. (NYSE:ED)

Wilbanks Smith & Thomas Asset Management LLC decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 8.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,950 shares of the utilities provider’s stock after selling 430 shares during the quarter. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Consolidated Edison were worth $450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Financial Gravity Asset Management Inc. lifted its holdings in shares of Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in Consolidated Edison during the fourth quarter valued at approximately $29,000. Bruce G. Allen Investments LLC purchased a new stake in Consolidated Edison during the fourth quarter valued at approximately $31,000. CVA Family Office LLC purchased a new position in shares of Consolidated Edison in the 4th quarter worth approximately $32,000. Finally, Venturi Wealth Management LLC increased its position in shares of Consolidated Edison by 62.2% during the 3rd quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 183 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 0.3 %

ED opened at $95.56 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The stock’s fifty day moving average is $90.06 and its two-hundred day moving average is $90.08. The company has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a PEG ratio of 8.97 and a beta of 0.34. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.44.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The business’s revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 EPS. Analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. Consolidated Edison’s payout ratio is presently 63.72%.

Analysts Set New Price Targets

A number of analysts recently issued reports on ED shares. Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. UBS Group lowered their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday. Royal Bank of Canada reduced 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 research report on Friday, February 16th. Finally, Barclays boosted their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $87.75.

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.