Albion Financial Group UT Trims Holdings in Consolidated Edison, Inc. (NYSE:ED)

Albion Financial Group UT decreased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,592 shares of the utilities provider’s stock after selling 158 shares during the quarter. Albion Financial Group UT’s holdings in Consolidated Edison were worth $4,503,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of Nova Scotia increased its stake in Consolidated Edison by 29.5% in the 3rd quarter. Bank of Nova Scotia now owns 39,297 shares of the utilities provider’s stock valued at $3,361,000 after buying an additional 8,945 shares during the period. Quadrature Capital Ltd acquired a new position in Consolidated Edison in the 3rd quarter valued at $2,019,000. Adage Capital Partners GP L.L.C. acquired a new position in Consolidated Edison in the 3rd quarter valued at $1,535,000. Legal & General Group Plc increased its stake in Consolidated Edison by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after buying an additional 27,850 shares during the period. Finally, Kettle Hill Capital Management LLC increased its stake in Consolidated Edison by 116.0% in the 3rd quarter. Kettle Hill Capital Management LLC now owns 73,139 shares of the utilities provider’s stock valued at $6,256,000 after buying an additional 39,284 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Scotiabank lowered their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $89.27.

Consolidated Edison Stock Down 0.3 %

NYSE:ED traded down $0.26 during trading hours on Wednesday, hitting $88.71. The stock had a trading volume of 922,354 shares, compared to its average volume of 1,912,795. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $98.85. The business has a 50 day simple moving average of $93.40 and a two-hundred day simple moving average of $91.08. The company has a market cap of $30.68 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 2.27 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the company earned $1.83 earnings per share. Consolidated Edison’s revenue for the quarter was down 2.8% on a year-over-year basis. Analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 63.72%.

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.