Webster Bank N. A. Cuts Position in Consolidated Edison, Inc. (NYSE:ED)

Webster Bank N. A. lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 38.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 295 shares of the utilities provider’s stock after selling 184 shares during the period. Webster Bank N. A.’s holdings in Consolidated Edison were worth $33,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in shares of Consolidated Edison by 4.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after purchasing an additional 82,985 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock worth $885,000 after purchasing an additional 4,451 shares during the period. KBC Group NV raised its holdings in shares of Consolidated Edison by 11.1% in the 4th quarter. KBC Group NV now owns 46,095 shares of the utilities provider’s stock worth $4,113,000 after purchasing an additional 4,588 shares during the period. Orion Portfolio Solutions LLC raised its holdings in shares of Consolidated Edison by 22.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider’s stock worth $671,000 after purchasing an additional 1,366 shares during the period. Finally, Welch Group LLC raised its holdings in shares of Consolidated Edison by 0.7% in the 4th quarter. Welch Group LLC now owns 502,903 shares of the utilities provider’s stock worth $44,839,000 after purchasing an additional 3,614 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating on the stock in a report on Thursday, May 22nd. KeyCorp cut shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a report on Wednesday, May 14th. Scotiabank boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. UBS Group boosted their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Mizuho boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $104.27.

Consolidated Edison Trading Up 1.2%

Consolidated Edison stock opened at $104.65 on Friday. The stock has a market cap of $37.70 billion, a P/E ratio of 19.97, a PEG ratio of 3.05 and a beta of 0.29. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The firm’s fifty day moving average price is $107.97 and its 200-day moving average price is $100.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same period in the previous year, the company posted $2.15 EPS. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be given a $0.85 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.25%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

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.