TI Trust Inc. Cuts Stake in Consolidated Edison Inc (NYSE:ED)

TI Trust Inc. reduced its position in Consolidated Edison Inc (NYSE:ED) by 1.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,608 shares of the utilities provider’s stock after selling 180 shares during the period. Consolidated Edison accounts for about 1.1% of TI Trust Inc.’s investment portfolio, making the stock its 22nd biggest position. TI Trust Inc.’s holdings in Consolidated Edison were worth $1,615,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Merit Financial Group LLC raised its position in shares of Consolidated Edison by 16.8% during the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock valued at $1,180,000 after buying an additional 1,533 shares in the last quarter. Jones Financial Companies Lllp raised its position in Consolidated Edison by 81.4% during the fourth quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after purchasing an additional 4,451 shares during the period. Ritholtz Wealth Management purchased a new stake in Consolidated Edison during the first quarter valued at approximately $227,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Consolidated Edison by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider’s stock worth $27,649,000 after purchasing an additional 6,869 shares during the period. Finally, Orion Portfolio Solutions LLC increased its position in shares of Consolidated Edison by 22.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider’s stock valued at $671,000 after purchasing an additional 1,366 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ED. Guggenheim increased their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price for the company. in a research report on Wednesday, May 14th. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. UBS Group boosted their price objective 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. Finally, Barclays raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.18.

Consolidated Edison Trading Down 2.2%

NYSE:ED opened at $98.03 on Thursday. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $105.40 and a 200-day simple moving average of $100.63. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market capitalization of $35.32 billion, a P/E ratio of 18.12, a PEG ratio of 3.20 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the prior year, the company earned $2.15 EPS. On average, equities research analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

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.