Private Trust Co. NA Sells 507 Shares of Consolidated Edison, Inc. (NYSE:ED)

Private Trust Co. NA lessened its position in Consolidated Edison, Inc. (NYSE:ED) by 11.9% during the third quarter, Holdings Channel.com reports. The fund owned 3,755 shares of the utilities provider’s stock after selling 507 shares during the period. Private Trust Co. NA’s holdings in Consolidated Edison were worth $391,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bayesian Capital Management LP bought a new stake in shares of Consolidated Edison in the first quarter worth about $287,000. Tidal Investments LLC raised its position in Consolidated Edison by 5.5% during the 1st quarter. Tidal Investments LLC now owns 7,204 shares of the utilities provider’s stock valued at $654,000 after purchasing an additional 375 shares during the last quarter. Beacon Capital Management LLC lifted its holdings in Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the period. Plato Investment Management Ltd grew its position in shares of Consolidated Edison by 17,683.9% in the 1st quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock worth $904,000 after buying an additional 9,903 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its stake in shares of Consolidated Edison by 67.4% during the first quarter. Citizens Financial Group Inc. RI now owns 7,858 shares of the utilities provider’s stock valued at $714,000 after buying an additional 3,164 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED opened at $101.58 on Thursday. The firm has a market cap of $35.19 billion, a PE ratio of 19.13, a P/E/G ratio of 3.34 and a beta of 0.36. The stock has a 50-day moving average price of $101.81 and a 200-day moving average price of $98.15. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research analyst reports. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Guggenheim lifted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $98.19.

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.