M&T Bank Corp Purchases 408 Shares of Consolidated Edison, Inc. (NYSE:ED)

M&T Bank Corp lifted its position in Consolidated Edison, Inc. (NYSE:ED) by 0.7% in the 4th quarter, Holdings Channel reports. The fund owned 58,806 shares of the utilities provider’s stock after acquiring an additional 408 shares during the quarter. M&T Bank Corp’s holdings in Consolidated Edison were worth $5,248,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in Consolidated Edison during the 3rd quarter valued at approximately $27,000. AlphaMark Advisors LLC bought a new position in Consolidated Edison during the 4th quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in Consolidated Edison during the 3rd quarter valued at approximately $30,000. Centricity Wealth Management LLC bought a new position in Consolidated Edison during the 4th quarter valued at approximately $39,000. Finally, CGC Financial Services LLC increased its position in Consolidated Edison by 64.0% during the 4th quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after buying an additional 213 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 2.8 %

Shares of ED stock opened at $103.73 on Friday. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average price is $94.39 and its 200-day moving average price is $98.04. The stock has a market capitalization of $35.97 billion, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data 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 return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Equities research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.28%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

Analyst Ratings Changes

Several research firms recently weighed in on ED. Mizuho lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. Scotiabank boosted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Finally, Barclays boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $101.50.

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.