Community Bank N.A. lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 17.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,140 shares of the utilities provider’s stock after selling 1,095 shares during the period. Community Bank N.A.’s holdings in Consolidated Edison were worth $370,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Golden State Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at $26,000. Balentine LLC acquired a new stake in Consolidated Edison in the first quarter worth about $29,000. Gradient Investments LLC raised its holdings in Consolidated Edison by 269.0% during the 1st quarter. Gradient Investments LLC now owns 369 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 269 shares during the last quarter. Capital Square LLC acquired a new position in Consolidated Edison during the 1st quarter valued at about $35,000. Finally, Centersquare Investment Management LLC bought a new position in shares of Consolidated Edison in the 1st quarter valued at about $39,000. 59.76% of the stock is currently owned by hedge funds and other institutional investors.
ED has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $76.00 target price for the company. in a report on Tuesday, June 23rd. Mizuho dropped their price objective on Consolidated Edison from $78.00 to $73.50 and set a “neutral” rating for the company in a report on Wednesday, July 15th. Wells Fargo & Co reduced their target price on Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating on the stock in a report on Monday, May 11th. Credit Suisse Group reaffirmed a “sell” rating and issued a $76.00 price target on shares of Consolidated Edison in a research note on Friday, May 8th. Finally, Bank of America reiterated a “buy” rating and issued a $85.00 price target (down from $91.00) on shares of Consolidated Edison in a research report on Friday, May 8th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $77.42.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by ($0.08). The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.60 billion. Consolidated Edison had a net margin of 10.53% and a return on equity of 7.92%. During the same period in the prior year, the business earned $1.39 EPS. Sell-side analysts forecast that Consolidated Edison, Inc. will post 4.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a $0.765 dividend. This represents a $3.06 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend is Tuesday, August 18th. Consolidated Edison’s payout ratio is 70.02%.
In other Consolidated Edison news, CFO Robert N. Hoglund acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were acquired at an average price of $71.65 per share, with a total value of $143,300.00. Following the completion of the transaction, the chief financial officer now directly owns 41,893 shares in the company, valued at approximately $3,001,633.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have acquired 2,533 shares of company stock valued at $183,114. Insiders own 0.18% of the company’s stock.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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