Truist Financial Corp Sells 20,883 Shares of Consolidated Edison Inc $ED

Truist Financial Corp lessened its position in shares of Consolidated Edison Inc (NYSE:ED) by 41.6% in the third quarter, HoldingsChannel reports. The fund owned 29,326 shares of the utilities provider’s stock after selling 20,883 shares during the period. Truist Financial Corp’s holdings in Consolidated Edison were worth $2,948,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Salomon & Ludwin LLC increased its position in Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 219 shares during the period. Capital Advisors Ltd. LLC grew its position in shares of Consolidated Edison by 53.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Bogart Wealth LLC grew its position in shares of Consolidated Edison by 886.5% during the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Consolidated Edison during the third quarter worth approximately $38,000. Finally, True Wealth Design LLC raised its position in shares of Consolidated Edison by 392.1% in the third quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock valued at $50,000 after buying an additional 396 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the topic of a number of analyst reports. Wells Fargo & Company reduced their price target on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Morgan Stanley reiterated an “underweight” rating and set a $96.00 target price on shares of Consolidated Edison in a research report on Wednesday, January 21st. UBS Group raised their price target on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $118.00 price target on shares of Consolidated Edison in a research note on Friday, January 23rd. Finally, TD Cowen assumed coverage on shares of Consolidated Edison in a report on Friday, January 9th. They issued a “hold” rating and a $105.00 target price on the stock. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $104.20.

Insider Buying and Selling

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director owned 38,661 shares in the company, valued at $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by insiders.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $108.86 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The stock has a market cap of $39.29 billion, a PE ratio of 19.03, a P/E/G ratio of 2.95 and a beta of 0.38. Consolidated Edison Inc has a 12-month low of $93.52 and a 12-month high of $114.87. The business’s 50-day moving average price is $100.70 and its two-hundred day moving average price is $100.31.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the prior year, the business earned $1.68 earnings per share. As a group, analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be paid a $0.8875 dividend. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s payout ratio is currently 59.44%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.