Arden Trust Co Sells 1,461 Shares of Consolidated Edison, Inc. (NYSE:ED)

Arden Trust Co lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 29.4% during the second quarter, Holdings Channel reports. The fund owned 3,516 shares of the utilities provider’s stock after selling 1,461 shares during the period. Arden Trust Co’s holdings in Consolidated Edison were worth $314,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Tidemark LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.3 %

Shares of ED traded up $0.30 during mid-day trading on Wednesday, hitting $101.19. 1,682,084 shares of the company’s stock were exchanged, compared to its average volume of 1,893,061. The company has a market cap of $35.00 billion, a PE ratio of 19.42, a P/E/G ratio of 2.56 and a beta of 0.34. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. The company has a 50-day simple moving average of $92.64 and a 200 day simple moving average of $91.60. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $0.61 EPS. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.28%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Analyst Ratings Changes

A number of analysts recently weighed in on ED shares. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Mizuho increased their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. UBS Group increased their price target on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Scotiabank lowered their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Finally, Wells Fargo & Company increased their target price on 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 given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $91.81.

Consolidated Edison Company 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.