Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 0.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,346,147 shares of the utilities provider’s stock after selling 1,366 shares during the quarter. Bank of New York Mellon Corp’s holdings in Consolidated Edison were worth $209,347,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Pallas Capital Advisors LLC acquired a new stake in Consolidated Edison during the third quarter valued at $234,000. abrdn plc boosted its stake in shares of Consolidated Edison by 3.4% during the 3rd quarter. abrdn plc now owns 354,995 shares of the utilities provider’s stock worth $36,911,000 after acquiring an additional 11,721 shares in the last quarter. Pinnacle Associates Ltd. grew its position in shares of Consolidated Edison by 4.7% during the 3rd quarter. Pinnacle Associates Ltd. now owns 37,756 shares of the utilities provider’s stock valued at $3,932,000 after acquiring an additional 1,703 shares during the period. Palumbo Wealth Management LLC increased its stake in shares of Consolidated Edison by 66.5% in the 3rd quarter. Palumbo Wealth Management LLC now owns 5,042 shares of the utilities provider’s stock valued at $525,000 after purchasing an additional 2,013 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of Consolidated Edison by 0.6% in the 3rd quarter. US Bancorp DE now owns 65,413 shares of the utilities provider’s stock valued at $6,812,000 after purchasing an additional 376 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.1 %

ED stock opened at $100.05 on Friday. The company has a market cap of $34.69 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 3.05 and a beta of 0.39. The firm has a 50-day moving average of $92.90 and a two-hundred day moving average of $97.98. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month 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 data on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion for 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%. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

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

Wall Street Analysts Forecast Growth

ED has been the topic of several research analyst reports. Mizuho raised their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. UBS Group boosted their price target on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Scotiabank boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday. Finally, Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has 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 $101.50.

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.