Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Amalgamated Bank

Amalgamated Bank lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 5.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 85,921 shares of the utilities provider’s stock after selling 5,348 shares during the period. Amalgamated Bank’s holdings in Consolidated Edison were worth $7,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Consolidated Edison by 6.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 110,604 shares of the utilities provider’s stock valued at $9,460,000 after acquiring an additional 6,715 shares during the period. Stratos Wealth Partners LTD. raised its holdings in shares of Consolidated Edison by 43.2% in the third quarter. Stratos Wealth Partners LTD. now owns 9,764 shares of the utilities provider’s stock valued at $835,000 after buying an additional 2,944 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its holdings in shares of Consolidated Edison by 2.8% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 169,600 shares of the utilities provider’s stock valued at $14,506,000 after buying an additional 4,600 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of Consolidated Edison by 6.8% during the third quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,304 shares of the utilities provider’s stock worth $283,000 after buying an additional 209 shares during the period. Finally, GPS Wealth Strategies Group LLC grew its holdings in shares of Consolidated Edison by 4.6% during the third quarter. GPS Wealth Strategies Group LLC now owns 3,909 shares of the utilities provider’s stock worth $334,000 after buying an additional 171 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ED shares. Royal Bank of Canada decreased their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Wells Fargo & Company increased their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday. Barclays lifted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. UBS Group cut their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Finally, Scotiabank lowered their target price 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, April 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $87.75.

Consolidated Edison Stock Up 0.3 %

ED opened at $95.56 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market cap of $33.02 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 8.99 and a beta of 0.34. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.44. The business’s fifty day moving average is $90.21 and its two-hundred day moving average is $90.13.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.83 EPS. Analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

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

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.