Richard Bernstein Advisors LLC Sells 10,083 Shares of Consolidated Edison, Inc. (NYSE:ED)

Richard Bernstein Advisors LLC lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 11.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,796 shares of the utilities provider’s stock after selling 10,083 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in Consolidated Edison were worth $6,852,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Roundview Capital LLC bought a new stake in Consolidated Edison during the 1st quarter valued at $680,000. Dimensional Fund Advisors LP raised its holdings in Consolidated Edison by 22.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock valued at $97,579,000 after acquiring an additional 190,138 shares during the period. Sei Investments Co. raised its holdings in Consolidated Edison by 54.4% during the 1st quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock valued at $1,693,000 after acquiring an additional 6,412 shares during the period. Cetera Investment Advisers raised its holdings in Consolidated Edison by 1.3% during the 1st quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock valued at $1,845,000 after acquiring an additional 254 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new stake in Consolidated Edison during the 1st quarter valued at $214,000. Institutional investors own 64.53% of the company’s stock.

Consolidated Edison Price Performance

NYSE:ED traded down $0.29 during midday trading on Tuesday, hitting $90.65. The company had a trading volume of 192,715 shares, compared to its average volume of 1,913,672. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.92. The stock’s fifty day moving average price is $88.64 and its 200-day moving average price is $91.15. The company has a market capitalization of $31.29 billion, a PE ratio of 13.41, a P/E/G ratio of 8.97 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.

Consolidated Edison Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $3.24 annualized dividend and a yield of 3.57%. Consolidated Edison’s payout ratio is 48.00%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. Bank of America lowered their target price on shares of Consolidated Edison from $103.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, August 16th. Guggenheim reduced their price target on shares of Consolidated Edison from $85.00 to $82.00 in a research report on Monday, October 9th. StockNews.com started coverage on shares of Consolidated Edison in a research report on Thursday, October 5th. They set a “hold” rating for the company. Mizuho reduced their price target on shares of Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, September 5th. Finally, Argus reduced their price target on shares of Consolidated Edison from $104.00 to $93.00 in a research report on Wednesday, October 4th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $88.14.

Consolidated Edison Profile

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.