Fiduciary Financial Group LLC Cuts Stake in Consolidated Edison, Inc. (NYSE:ED)

Fiduciary Financial Group LLC reduced its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,864 shares of the utilities provider’s stock after selling 221 shares during the period. Fiduciary Financial Group LLC’s holdings in Consolidated Edison were worth $310,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. OFI Invest Asset Management acquired a new position in Consolidated Edison during the 4th quarter worth approximately $35,000. Wood Tarver Financial Group LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Consolidated Edison during the 4th quarter worth approximately $44,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on ED shares. Morgan Stanley lowered their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating for the company in a report on Thursday, May 22nd. Scotiabank boosted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Citigroup upped their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th. UBS Group upped 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, Barclays upped their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $104.27.

Consolidated Edison Stock Up 1.2%

ED stock opened at $102.34 on Wednesday. The company has a fifty day moving average price of $106.96 and a 200 day moving average price of $100.45. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market cap of $36.87 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

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

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.32%. Consolidated Edison’s payout ratio is currently 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.