Montecito Bank & Trust Decreases Holdings in Consolidated Edison, Inc. (NYSE:ED)

Montecito Bank & Trust lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 43.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,026 shares of the utilities provider’s stock after selling 2,285 shares during the quarter. Montecito Bank & Trust’s holdings in Consolidated Edison were worth $335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ED. OFI Invest Asset Management purchased a new position in Consolidated Edison in the 4th quarter worth $35,000. Wood Tarver Financial Group LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at about $35,000. Fairway Wealth LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth about $36,000. Centricity Wealth Management LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Consolidated Edison in the 4th quarter valued at about $44,000. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ED has been the topic of a number of analyst reports. Citigroup lifted their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. 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. UBS Group increased their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Barclays boosted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. Finally, Wells Fargo & Company increased their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.27.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $101.54 on Tuesday. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The stock’s 50 day simple moving average is $106.65 and its two-hundred day simple moving average is $100.50. 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 stock has a market cap of $36.58 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.05 and a beta of 0.27.

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 for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same quarter in the prior year, the firm earned $2.15 earnings per share. As a group, analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, May 14th. 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.