First County Bank CT Sells 183 Shares of Consolidated Edison, Inc. (NYSE:ED)

First County Bank CT reduced its stake in Consolidated Edison, Inc. (NYSE:ED) by 5.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,365 shares of the utilities provider’s stock after selling 183 shares during the period. First County Bank CT’s holdings in Consolidated Edison were worth $350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ED. Pathway Financial Advisers LLC lifted its holdings in Consolidated Edison by 10,302.6% during the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after acquiring an additional 24,211 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in Consolidated Edison by 17,683.9% during the first quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock worth $904,000 after acquiring an additional 9,903 shares in the last quarter. Cetera Advisors LLC lifted its holdings in Consolidated Edison by 74.5% during the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock worth $1,557,000 after acquiring an additional 7,324 shares in the last quarter. Czech National Bank lifted its holdings in Consolidated Edison by 8.5% during the second quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock worth $5,893,000 after acquiring an additional 5,161 shares in the last quarter. Finally, National Pension Service raised its stake in shares of Consolidated Edison by 7.0% in the 3rd quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after purchasing an additional 30,838 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on ED. Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Guggenheim lifted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays dropped their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Finally, Scotiabank lifted their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $98.36 on Friday. The business’s 50 day moving average price is $102.01 and its two-hundred day moving average price is $98.08. The company has a market cap of $34.07 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.