Consolidated Edison, Inc. (NYSE:ED) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 9.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 63,038 shares of the utilities provider’s stock after selling 6,538 shares during the quarter. M&T Bank Corp’s holdings in Consolidated Edison were worth $5,734,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ED. Summit Global Investments acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $1,540,000. Natixis Advisors L.P. raised its holdings in Consolidated Edison by 7.1% during the fourth quarter. Natixis Advisors L.P. now owns 112,374 shares of the utilities provider’s stock worth $10,222,000 after purchasing an additional 7,418 shares in the last quarter. LGT Group Foundation acquired a new stake in Consolidated Edison in the fourth quarter valued at about $274,000. First Trust Direct Indexing L.P. boosted its holdings in Consolidated Edison by 18.6% in the 4th quarter. First Trust Direct Indexing L.P. now owns 18,066 shares of the utilities provider’s stock valued at $1,643,000 after purchasing an additional 2,836 shares in the last quarter. Finally, New York Life Investment Management LLC increased its position in Consolidated Edison by 0.5% during the 4th quarter. New York Life Investment Management LLC now owns 53,661 shares of the utilities provider’s stock worth $4,882,000 after purchasing an additional 282 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. Barclays increased their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Scotiabank decreased their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Finally, UBS Group reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $87.75.

Consolidated Edison Stock Up 0.6 %

ED opened at $96.13 on Tuesday. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.32. The business has a 50-day moving average of $90.41 and a two-hundred day moving average of $90.21. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The stock has a market capitalization of $33.24 billion, a price-to-earnings ratio of 18.45, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. Consolidated Edison’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.83 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.