Cypress Capital Group Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Cypress Capital Group lessened its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 27.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,539 shares of the utilities provider’s stock after selling 3,233 shares during the period. Cypress Capital Group’s holdings in Consolidated Edison were worth $764,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after acquiring an additional 12,953 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Consolidated Edison by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares during the period. UBS Group AG lifted its stake in shares of Consolidated Edison by 14.7% in the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after purchasing an additional 62,519 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in shares of Consolidated Edison by 2,486.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after purchasing an additional 20,934 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Consolidated Edison by 35.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock valued at $4,318,000 after purchasing an additional 12,307 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

ED traded up $1.01 during trading on Monday, hitting $101.61. The stock had a trading volume of 110,377 shares, compared to its average volume of 1,872,341. The firm has a market capitalization of $35.14 billion, a P/E ratio of 19.31, a PEG ratio of 2.56 and a beta of 0.34. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99. The company’s 50-day moving average price is $94.83 and its 200 day moving average price is $92.56. 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 (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. During the same period in the previous year, the firm earned $0.61 EPS. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. Mizuho upped their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Barclays lifted their price target on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Morgan Stanley raised their price objective on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a research note on Friday. Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average target price of $92.65.

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.