PNC Financial Services Group Inc. Trims Position in Consolidated Edison, Inc. (NYSE:ED)

PNC Financial Services Group Inc. trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 277,080 shares of the utilities provider’s stock after selling 4,148 shares during the period. PNC Financial Services Group Inc.’s holdings in Consolidated Edison were worth $24,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the third quarter valued at approximately $27,000. AlphaMark Advisors LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter worth $30,000. Centricity Wealth Management LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Consolidated Edison during the fourth quarter valued at $44,000. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on ED. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. UBS Group upped their target price on Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Morgan Stanley dropped their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Barclays boosted their price target on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Finally, Scotiabank raised their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $101.50.

Consolidated Edison Stock Performance

NYSE:ED opened at $106.59 on Tuesday. The company’s 50-day moving average is $94.74 and its two-hundred day moving average is $98.05. Consolidated Edison, Inc. has a 1-year low of $87.16 and a 1-year high of $107.97. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market capitalization of $36.96 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.19%. Consolidated Edison’s dividend payout ratio is 64.89%.

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.