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

Comerica Bank lowered its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,105 shares of the utilities provider’s stock after selling 196 shares during the period. Comerica Bank’s holdings in Consolidated Edison were worth $8,273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Tidemark LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $33,000. Finally, Quarry LP acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.3 %

Shares of ED stock traded up $0.28 on Friday, hitting $100.49. The stock had a trading volume of 1,545,465 shares, compared to its average volume of 1,867,235. The firm has a market capitalization of $34.75 billion, a price-to-earnings ratio of 19.14, a P/E/G ratio of 2.49 and a beta of 0.34. The stock’s 50 day moving average is $92.22 and its 200-day moving average is $91.36. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.04. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. During the same period in the prior year, the firm earned $0.61 earnings per share. As a group, research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ED shares. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Mizuho boosted their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. UBS Group boosted their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Barclays downgraded shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $97.00 to $92.00 in a report on Monday, July 22nd. Finally, Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $89.04.

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.