First Horizon Advisors Inc. Sells 270 Shares of Consolidated Edison, Inc. (NYSE:ED)

First Horizon Advisors Inc. cut its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 11.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,029 shares of the utilities provider’s stock after selling 270 shares during the period. First Horizon Advisors Inc.’s holdings in Consolidated Edison were worth $181,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. TD Private Client Wealth LLC increased its position in Consolidated Edison by 4.7% during the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after buying an additional 104 shares during the last quarter. D.A. Davidson & CO. raised its stake in Consolidated Edison by 1.1% in the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. Townsquare Capital LLC lifted its holdings in Consolidated Edison by 2.4% during the 3rd quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after purchasing an additional 130 shares during the last quarter. Trust Point Inc. boosted its position in Consolidated Edison by 4.9% during the fourth quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider’s stock worth $249,000 after purchasing an additional 131 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund increased its holdings in shares of Consolidated Edison by 1.3% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 10,372 shares of the utilities provider’s stock valued at $925,000 after purchasing an additional 133 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ED has been the subject of several research analyst reports. Scotiabank lifted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday. UBS Group upped their target price on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley dropped their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday. Finally, Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $101.50.

Consolidated Edison Price Performance

ED stock opened at $101.04 on Wednesday. The company’s 50-day moving average price is $92.46 and its two-hundred day moving average price is $97.95. The firm has a market cap of $35.00 billion, a P/E ratio of 19.28, a P/E/G ratio of 3.05 and a beta of 0.39. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.37%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

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.