City Holding Co. reduced its stake in shares of Consolidated Edison Inc (NYSE:ED) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,700 shares of the utilities provider’s stock after selling 187 shares during the period. City Holding Co.’s holdings in Consolidated Edison were worth $1,349,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in ED. Capital One National Association boosted its stake in Consolidated Edison by 1.4% in the second quarter. Capital One National Association now owns 4,704 shares of the utilities provider’s stock valued at $380,000 after buying an additional 66 shares during the period. Trust Co bought a new stake in Consolidated Edison during the first quarter worth approximately $205,000. Park National Corp OH boosted its stake in Consolidated Edison by 7.7% in the second quarter. Park National Corp OH now owns 20,571 shares of the utilities provider’s stock worth $1,663,000 after buying an additional 1,466 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Consolidated Edison by 2.5% in the first quarter. Nomura Asset Management Co. Ltd. now owns 126,271 shares of the utilities provider’s stock worth $9,806,000 after buying an additional 3,111 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Consolidated Edison by 7.2% in the first quarter. Clearbridge Investments LLC now owns 19,011 shares of the utilities provider’s stock worth $1,476,000 after buying an additional 1,277 shares during the last quarter. 55.61% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Inc (NYSE:ED) traded down 0.92% during mid-day trading on Friday, hitting $82.87. 1,547,043 shares of the stock were exchanged. The stock has a market cap of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08. The stock has a 50 day moving average of $82.05 and a 200-day moving average of $79.21. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the company earned $0.60 EPS. Equities analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s payout ratio is 66.67%.
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ED has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a research report on Thursday. UBS AG lifted their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 8th. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research report on Thursday, May 18th. Finally, Deutsche Bank AG lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target on the stock. in a research report on Monday, May 8th. Five analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $76.96.
In related news, Director Linda S. Sanford acquired 900 shares of Consolidated Edison stock in a transaction dated Wednesday, May 17th. The shares were purchased at an average price of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the transaction, the director now directly owns 8,748 shares in the company, valued at approximately $697,565.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have acquired 1,319 shares of company stock worth $106,510. 0.20% of the stock is owned by company insiders.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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