Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Arden Trust Co

Arden Trust Co lowered its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 29.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,516 shares of the utilities provider’s stock after selling 1,461 shares during the period. Arden Trust Co’s holdings in Consolidated Edison were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in ED. Beacon Capital Management LLC boosted its position in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $29,000. Tidemark LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $29,000. Raleigh Capital Management Inc. purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $29,000. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Mizuho lifted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley decreased their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $91.81.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded up $0.30 on Wednesday, reaching $101.19. 1,682,084 shares of the stock were exchanged, compared to its average volume of 1,893,061. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $105.99. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The business has a fifty day moving average price of $92.64 and a two-hundred day moving average price of $91.60. The firm has a market capitalization of $35.00 billion, a PE ratio of 19.42, a PEG ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. During the same period in the previous year, the business posted $0.61 earnings per share. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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 3.7 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.