Swiss National Bank Sells 35,100 Shares of Consolidated Edison, Inc. (NYSE:ED)

Swiss National Bank lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,079,700 shares of the utilities provider’s stock after selling 35,100 shares during the period. Swiss National Bank owned approximately 0.31% of Consolidated Edison worth $98,220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ED. Diversified Trust Co raised its holdings in shares of Consolidated Edison by 140.8% in the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after acquiring an additional 21,604 shares in the last quarter. abrdn plc lifted its position in Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares during the last quarter. Pacer Advisors Inc. lifted its position in Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares during the last quarter. Blackhawk Capital Partners LLC. purchased a new position in Consolidated Edison in the 4th quarter worth approximately $1,551,000. Finally, Mariner LLC increased its holdings in shares of Consolidated Edison by 24.9% in the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after buying an additional 18,270 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. Scotiabank reduced their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Royal Bank of Canada lowered their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Finally, Barclays boosted their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $87.75.

Consolidated Edison Price Performance

ED opened at $95.56 on Friday. The firm has a market cap of $33.02 billion, a PE ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. The stock has a 50-day moving average price of $90.21 and a 200-day moving average price of $90.13. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period last year, the business posted $1.83 EPS. The company’s revenue was down 2.8% compared to the same quarter last year. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Consolidated Edison Company 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 3.7 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.