Corebridge Financial Inc. Cuts Holdings in Consolidated Edison, Inc. (NYSE:ED)

Corebridge Financial Inc. lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 113,467 shares of the utilities provider’s stock after selling 3,845 shares during the period. Corebridge Financial Inc.’s holdings in Consolidated Edison were worth $10,125,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. AlphaMark Advisors LLC purchased a new position in Consolidated Edison during the fourth quarter worth approximately $27,000. OFI Invest Asset Management purchased a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at $36,000. Centricity Wealth Management LLC purchased a new stake in Consolidated Edison in the 4th quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Consolidated Edison during the fourth quarter worth $44,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 1.8 %

ED stock opened at $107.41 on Thursday. The firm has a market cap of $37.25 billion, a PE ratio of 20.50, a PEG ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a one year low of $87.28 and a one year high of $109.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm’s 50 day moving average price is $98.95 and its 200-day moving average price is $98.46.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, February 19th. 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 3.17%. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ED. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley increased their target price on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday, March 20th. UBS Group raised their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, Barclays raised their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $102.40.

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.