Ledyard National Bank reduced its position in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 2.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,075 shares of the utilities provider’s stock after selling 150 shares during the quarter. Ledyard National Bank’s holdings in Consolidated Edison were worth $549,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Arete Wealth Advisors LLC purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $519,380,000,000. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Consolidated Edison by 21.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 28,457 shares of the utilities provider’s stock valued at $2,573,000 after buying an additional 4,983 shares during the last quarter. First County Bank CT increased its position in shares of Consolidated Edison by 36.6% in the 2nd quarter. First County Bank CT now owns 6,678 shares of the utilities provider’s stock valued at $604,000 after acquiring an additional 1,788 shares during the period. Toronto Dominion Bank raised its stake in Consolidated Edison by 8.0% in the 1st quarter. Toronto Dominion Bank now owns 173,289 shares of the utilities provider’s stock worth $16,570,000 after acquiring an additional 12,903 shares during the last quarter. Finally, Fiduciary Alliance LLC acquired a new stake in Consolidated Edison during the 2nd quarter worth about $43,000. 64.53% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the company. Guggenheim reduced their price objective on Consolidated Edison from $85.00 to $82.00 in a research note on Monday, October 9th. KeyCorp reduced their price target on shares of Consolidated Edison from $77.00 to $73.00 and set an “underweight” rating for the company in a research report on Wednesday, October 18th. Mizuho decreased their price objective on shares of Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, September 5th. Barclays cut their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 24th. Finally, Morgan Stanley decreased their target price on shares of Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating for the company in a research report on Wednesday, October 25th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $88.00.
Consolidated Edison Price Performance
Shares of ED stock traded up $1.28 during trading hours on Thursday, hitting $91.83. 206,684 shares of the company’s stock were exchanged, compared to its average volume of 1,915,830. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.92. The firm has a market cap of $31.70 billion, a P/E ratio of 13.55, a P/E/G ratio of 8.75 and a beta of 0.38. The company has a quick ratio of 0.91, a current ratio of 0.98 and a debt-to-equity ratio of 0.98. The firm has a 50 day moving average of $88.52 and a two-hundred day moving average of $91.35.
Consolidated Edison Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is presently 48.00%.
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 3.6 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.
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