Amalgamated Bank Decreases Position in Consolidated Edison, Inc. (NYSE:ED)

Amalgamated Bank decreased its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 66,617 shares of the utilities provider’s stock after selling 1,364 shares during the quarter. Amalgamated Bank’s holdings in Consolidated Edison were worth $5,944,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Rothschild Investment LLC raised its position in Consolidated Edison by 0.5% in the 4th quarter. Rothschild Investment LLC now owns 28,763 shares of the utilities provider’s stock worth $2,567,000 after purchasing an additional 154 shares during the period. Midwest Capital Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $105,000. Y Intercept Hong Kong Ltd raised its holdings in shares of Consolidated Edison by 1,499.8% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 114,303 shares of the utilities provider’s stock worth $10,199,000 after buying an additional 107,158 shares during the period. Delta Financial Group Inc. bought a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $412,000. Finally, Wealthspire Advisors LLC lifted its stake in shares of Consolidated Edison by 9.9% during the 4th quarter. Wealthspire Advisors LLC now owns 11,525 shares of the utilities provider’s stock worth $1,028,000 after acquiring an additional 1,042 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $100.05 on Friday. The firm has a 50 day moving average of $92.90 and a 200 day moving average of $97.98. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $34.69 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. Barclays increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday. Mizuho raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Finally, UBS Group lifted their price target on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $101.50.

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.