Riverview Trust Co Has $62,000 Position in Consolidated Edison, Inc. (NYSE:ED)

Riverview Trust Co cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 30.6% during the third quarter, HoldingsChannel reports. The fund owned 597 shares of the utilities provider’s stock after selling 263 shares during the quarter. Riverview Trust Co’s holdings in Consolidated Edison were worth $62,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nomura Holdings Inc. lifted its holdings in shares of Consolidated Edison by 154.9% during the 4th quarter. Nomura Holdings Inc. now owns 6,970 shares of the utilities provider’s stock valued at $634,000 after buying an additional 4,236 shares during the last quarter. Alaska Permanent Fund Corp grew its position in Consolidated Edison by 26.8% in the first quarter. Alaska Permanent Fund Corp now owns 6,130 shares of the utilities provider’s stock worth $557,000 after acquiring an additional 1,297 shares in the last quarter. Czech National Bank grew its position in Consolidated Edison by 0.5% in the first quarter. Czech National Bank now owns 60,741 shares of the utilities provider’s stock worth $5,516,000 after acquiring an additional 278 shares in the last quarter. Banque Cantonale Vaudoise raised its holdings in shares of Consolidated Edison by 70.6% during the 1st quarter. Banque Cantonale Vaudoise now owns 17,889 shares of the utilities provider’s stock valued at $1,624,000 after purchasing an additional 7,403 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its holdings in shares of Consolidated Edison by 0.7% during the 1st quarter. Gulf International Bank UK Ltd now owns 28,546 shares of the utilities provider’s stock valued at $2,592,000 after purchasing an additional 201 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on ED shares. Morgan Stanley increased their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Bank of America increased their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays boosted their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. UBS Group increased their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $98.27.

Consolidated Edison Stock Performance

NYSE:ED opened at $106.73 on Friday. The firm’s 50-day moving average is $102.80 and its 200-day moving average is $96.60. The company has a market cap of $36.91 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 3.46 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $106.77.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period last year, the business earned $0.61 earnings per share. Equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.11%. Consolidated Edison’s payout ratio is 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.