Rodgers Brothers Inc. reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,899 shares of the utilities provider’s stock after selling 500 shares during the quarter. Rodgers Brothers Inc.’s holdings in Consolidated Edison were worth $1,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. West Financial Advisors LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $29,000. Retirement Group LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth $32,000. Kelly Lawrence W & Associates Inc. CA bought a new position in shares of Consolidated Edison during the first quarter worth $32,000. TCI Wealth Advisors Inc. boosted its position in shares of Consolidated Edison by 44.3% during the first quarter. TCI Wealth Advisors Inc. now owns 482 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 148 shares during the last quarter. Finally, CSat Investment Advisory L.P. boosted its position in shares of Consolidated Edison by 49.1% during the first quarter. CSat Investment Advisory L.P. now owns 477 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 157 shares during the last quarter. Institutional investors and hedge funds own 60.55% of the company’s stock.
A number of brokerages recently weighed in on ED. Barclays upped their target price on shares of Consolidated Edison from $69.00 to $75.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 25th. Credit Suisse Group upped their target price on shares of Consolidated Edison from $65.00 to $74.00 and gave the stock an “underperform” rating in a research report on Thursday, April 29th. KeyCorp lowered shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $66.00 target price for the company. in a research report on Tuesday. Morgan Stanley dropped their target price on shares of Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating for the company in a research report on Tuesday. Finally, TheStreet upgraded shares of Consolidated Edison from a “c” rating to a “b-” rating in a research report on Thursday, April 22nd. Six equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has an average rating of “Sell” and a consensus price target of $75.00.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 6th. The utilities provider reported $1.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.08. Consolidated Edison had a net margin of 9.02% and a return on equity of 7.64%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same quarter last year, the business earned $1.35 earnings per share. As a group, analysts expect that Consolidated Edison, Inc. will post 4.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Wednesday, August 18th will be paid a $0.775 dividend. This represents a $3.10 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Tuesday, August 17th. Consolidated Edison’s dividend payout ratio is currently 74.16%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,576 customers in parts of Manhattan.
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