City Holding Co. Sells 691 Shares of Consolidated Edison, Inc. (NYSE:ED)

City Holding Co. trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 3.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,173 shares of the utilities provider’s stock after selling 691 shares during the period. City Holding Co.’s holdings in Consolidated Edison were worth $1,532,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the third quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison in the third quarter worth $30,000. FSA Wealth Management LLC bought a new stake in shares of Consolidated Edison during the third quarter worth $55,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Consolidated Edison during the third quarter valued at $55,000. Finally, Webster Bank N. A. grew its holdings in shares of Consolidated Edison by 189.5% in the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 379 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 1.6 %

ED stock opened at $93.74 on Monday. The stock has a market capitalization of $32.47 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 2.81 and a beta of 0.38. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a 50 day moving average of $93.35 and a 200 day moving average of $97.91.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Sell-side analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is 64.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ED shares. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their target price for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Barclays cut their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Finally, Morgan Stanley reduced their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $100.64.

About Consolidated Edison

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.