Alliancebernstein L.P. cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 552,348 shares of the utilities provider’s stock after selling 5,767 shares during the period. Alliancebernstein L.P. owned approximately 0.18% of Consolidated Edison worth $46,922,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of ED. Calton & Associates Inc. acquired a new position in shares of Consolidated Edison during the fourth quarter worth approximately $119,000. Asset Dedication LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth approximately $183,000. Aevitas Wealth Management Inc. acquired a new position in shares of Consolidated Edison during the fourth quarter worth approximately $186,000. Round Table Services LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth approximately $200,000. Finally, Tower Bridge Advisors acquired a new position in shares of Consolidated Edison during the third quarter worth approximately $208,000. Institutional investors and hedge funds own 56.78% of the company’s stock.
ED has been the subject of several analyst reports. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. JPMorgan Chase & Co. assumed coverage on Consolidated Edison in a research report on Friday, January 12th. They issued an “underweight” rating and a $78.00 target price for the company. UBS Group assumed coverage on Consolidated Edison in a research report on Friday, February 2nd. They issued a “neutral” rating and a $80.00 target price for the company. ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Morgan Stanley cut their target price on Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating for the company in a research report on Tuesday, February 13th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Consolidated Edison currently has an average rating of “Hold” and an average price target of $81.32.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.02. The company had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.64 billion. Consolidated Edison had a return on equity of 8.51% and a net margin of 12.67%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 earnings per share. equities research analysts forecast that Consolidated Edison, Inc. will post 4.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 14th will be issued a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, February 13th. This represents a $2.86 annualized dividend and a dividend yield of 3.79%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.69. Consolidated Edison’s dividend payout ratio is currently 13.03%.
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Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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