Cadence Bank Has $441,000 Position in Consolidated Edison, Inc. (NYSE:ED)

Cadence Bank decreased its stake in Consolidated Edison, Inc. (NYSE:ED) by 10.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,236 shares of the utilities provider’s stock after selling 496 shares during the period. Cadence Bank’s holdings in Consolidated Edison were worth $441,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in Consolidated Edison during the 3rd quarter valued at approximately $27,000. Beacon Capital Management LLC lifted its position in shares of 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 purchasing an additional 300 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at $30,000. Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth $33,000. Finally, TruNorth Capital Management LLC bought a new position in Consolidated Edison during the second quarter worth $33,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Down 0.1 %

Consolidated Edison stock opened at $101.58 on Thursday. The firm has a market capitalization of $35.19 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. The firm’s fifty day moving average price is $101.81 and its two-hundred day moving average price is $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 current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities research 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 declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Wall Street Analyst Weigh In

ED has been the topic of a number of research analyst reports. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley cut 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. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Barclays lowered their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $98.19.

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.