Everence Capital Management Inc. Sells 15,290 Shares of Consolidated Edison, Inc. (NYSE:ED)

Everence Capital Management Inc. lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 59.0% in the 4th quarter, HoldingsChannel reports. The fund owned 10,621 shares of the utilities provider’s stock after selling 15,290 shares during the period. Everence Capital Management Inc.’s holdings in Consolidated Edison were worth $948,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Retirement Planning Co of New England Inc. increased its stake in shares of Consolidated Edison by 4.2% in the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 100 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in shares of Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after acquiring an additional 100 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after acquiring an additional 104 shares during the period. D.A. Davidson & CO. grew its position in shares of 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 purchasing an additional 124 shares in the last quarter. Finally, Townsquare Capital LLC boosted its stake in Consolidated Edison by 2.4% in the 3rd quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock worth $580,000 after purchasing an additional 130 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Barclays cut their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Finally, Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $100.64.

Consolidated Edison Stock Up 0.2 %

Shares of NYSE ED opened at $89.24 on Friday. The stock has a market capitalization of $30.91 billion, a P/E ratio of 16.81, a PEG ratio of 3.11 and a beta of 0.38. 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, Inc. has a one year low of $85.85 and a one year high of $107.75. The firm’s 50 day simple moving average is $95.54 and its two-hundred day simple moving average is $97.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, analysts expect that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were issued a dividend of $0.83 per share. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.72%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

About Consolidated Edison

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.