TIAA Trust National Association Trims Stake in Consolidated Edison, Inc. (NYSE:ED)

TIAA Trust National Association lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 2.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 23,367 shares of the utilities provider’s stock after selling 586 shares during the quarter. TIAA Trust National Association’s holdings in Consolidated Edison were worth $2,085,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. TD Private Client Wealth LLC grew its stake in Consolidated Edison by 4.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after buying an additional 104 shares in the last quarter. Jacobi Capital Management LLC lifted its holdings in shares of Consolidated Edison by 4.2% during the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after acquiring an additional 104 shares during the last quarter. Richwood Investment Advisors LLC grew its position in Consolidated Edison by 2.3% in the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock worth $463,000 after acquiring an additional 115 shares in the last quarter. D.A. Davidson & CO. increased its stake in Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after acquiring an additional 124 shares during the last quarter. Finally, Townsquare Capital LLC raised its position in Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after purchasing an additional 130 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on ED shares. Barclays increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Mizuho lifted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Finally, Morgan Stanley increased their target price on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.40.

Consolidated Edison Stock Performance

Shares of ED stock opened at $107.41 on Thursday. The firm has a market capitalization of $37.25 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 3.05 and a beta of 0.30. The stock has a fifty day moving average of $98.95 and a 200 day moving average of $98.46. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $109.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

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

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.17%. Consolidated Edison’s dividend payout ratio is 64.89%.

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 3.7 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.