US Bancorp DE Trims Stock Position in Consolidated Edison, Inc. (NYSE:ED)

US Bancorp DE cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 18.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,373 shares of the utilities provider’s stock after selling 12,040 shares during the period. US Bancorp DE’s holdings in Consolidated Edison were worth $4,763,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Consolidated Edison in the third quarter valued at about $776,000. JPMorgan Chase & Co. raised its holdings in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after buying an additional 82,985 shares during the last quarter. Hennessy Advisors Inc. raised its holdings in shares of Consolidated Edison by 2.8% in the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after buying an additional 3,900 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in shares of Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after buying an additional 217,981 shares during the last quarter. Finally, National Pension Service raised its holdings in shares of Consolidated Edison by 7.0% in the third quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after buying an additional 30,838 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 1.9 %

Shares of Consolidated Edison stock opened at $100.18 on Thursday. 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 company’s 50-day simple moving average is $93.89 and its 200-day simple moving average is $98.00. Consolidated Edison, Inc. has a 52-week low of $87.16 and a 52-week high of $107.75. The firm has a market cap of $34.73 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39.

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

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.39%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 64.89%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ED shares. Barclays upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Morgan Stanley reduced their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, UBS Group boosted their price target on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $101.50.

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.