Benjamin F. Edwards & Company Inc. Cuts Position in Consolidated Edison, Inc. (NYSE:ED)

Benjamin F. Edwards & Company Inc. decreased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 25.2% in the third quarter, Holdings Channel.com reports. The firm owned 768 shares of the utilities provider’s stock after selling 259 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Consolidated Edison were worth $66,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Chilton Capital Management LLC bought a new position in Consolidated Edison during the 2nd quarter valued at approximately $158,000. Wealthspire Advisors LLC grew its stake in shares of Consolidated Edison by 14.2% in the second quarter. Wealthspire Advisors LLC now owns 4,729 shares of the utilities provider’s stock worth $450,000 after acquiring an additional 589 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Consolidated Edison by 3.9% during the second quarter. Greenleaf Trust now owns 5,524 shares of the utilities provider’s stock valued at $525,000 after acquiring an additional 207 shares in the last quarter. Veriti Management LLC increased its holdings in shares of Consolidated Edison by 25.6% during the second quarter. Veriti Management LLC now owns 8,706 shares of the utilities provider’s stock valued at $828,000 after acquiring an additional 1,777 shares in the last quarter. Finally, Truist Financial Corp boosted its stake in Consolidated Edison by 80.9% in the 3rd quarter. Truist Financial Corp now owns 103,022 shares of the utilities provider’s stock worth $8,835,000 after purchasing an additional 46,088 shares in the last quarter. 64.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ED. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $87.00 to $98.00 in a research note on Wednesday, December 14th. Guggenheim reduced their price target on shares of Consolidated Edison from $94.00 to $82.00 in a research report on Monday, October 24th. UBS Group upped their price objective on Consolidated Edison to $96.00 in a research report on Monday, November 21st. Mizuho lowered Consolidated Edison from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $91.00 to $98.00 in a report on Monday, January 9th. Finally, Morgan Stanley upped their price target on Consolidated Edison from $73.00 to $78.00 and gave the company an “underweight” rating in a report on Thursday, December 15th. Four research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $86.64.

Consolidated Edison Stock Down 1.1 %

Consolidated Edison stock opened at $96.49 on Tuesday. Consolidated Edison, Inc. has a one year low of $78.10 and a one year high of $102.21. The stock has a fifty day moving average of $95.44 and a 200 day moving average of $94.09. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.75 and a current ratio of 0.83. The stock has a market cap of $34.24 billion, a PE ratio of 20.23, a price-to-earnings-growth ratio of 9.91 and a beta of 0.34.

Consolidated Edison (NYSE:ED – Get Rating) last released its quarterly earnings results on Thursday, November 3rd. The utilities provider reported $1.63 EPS for the quarter, beating the consensus estimate of $1.47 by $0.16. Consolidated Edison had a net margin of 11.25% and a return on equity of 8.17%. The firm had revenue of $4.17 billion during the quarter, compared to analyst estimates of $3.73 billion. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 4.56 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Wednesday, November 16th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Tuesday, November 15th. Consolidated Edison’s dividend payout ratio is presently 66.25%.

About Consolidated Edison

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Consolidated Edison, Inc operates as a holding company, which through its subsidiaries engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York(CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.