Perigon Wealth Management LLC trimmed its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,034 shares of the utilities provider’s stock after selling 134 shares during the quarter. Perigon Wealth Management LLC’s holdings in Consolidated Edison were worth $578,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Consolidated Edison by 3.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 5,374 shares of the utilities provider’s stock valued at $419,000 after purchasing an additional 170 shares during the period. Cornerstone Advisors Inc. grew its holdings in Consolidated Edison by 14.0% during the 1st quarter. Cornerstone Advisors Inc. now owns 1,476 shares of the utilities provider’s stock worth $115,000 after acquiring an additional 181 shares in the last quarter. First National Corp MA ADV raised its stake in Consolidated Edison by 5.9% during the second quarter. First National Corp MA ADV now owns 3,457 shares of the utilities provider’s stock valued at $249,000 after buying an additional 192 shares in the last quarter. Bfsg LLC increased its holdings in shares of Consolidated Edison by 1.7% in the 1st quarter. Bfsg LLC now owns 12,189 shares of the utilities provider’s stock valued at $951,000 after acquiring an additional 200 shares during the last quarter. Finally, Mission Wealth Management LP raised its holdings in shares of Consolidated Edison by 5.2% during the first quarter. Mission Wealth Management LP now owns 4,214 shares of the utilities provider’s stock worth $329,000 after purchasing an additional 207 shares during the period. 59.76% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on ED shares. Cfra decreased their target price on Consolidated Edison from $92.00 to $74.00 and set a “hold” rating for the company in a research note on Friday, May 22nd. Wells Fargo & Co reduced their price objective on Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating for the company in a research report on Monday, May 11th. Credit Suisse Group reissued a “sell” rating and set a $76.00 target price on shares of Consolidated Edison in a research note on Friday, May 8th. Zacks Investment Research downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $76.00 price objective for the company. in a research report on Tuesday, June 23rd. Finally, Mizuho cut their target price on Consolidated Edison from $78.00 to $73.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $77.42.
Consolidated Edison stock opened at $76.83 on Friday. Consolidated Edison, Inc. has a 52 week low of $62.03 and a 52 week high of $95.10. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.74 and a current ratio of 0.80. The firm has a market capitalization of $25.67 billion, a price-to-earnings ratio of 19.80, a P/E/G ratio of 9.08 and a beta of 0.19. The company has a 50 day moving average price of $73.58 and a 200 day moving average price of $80.78.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.08). The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.60 billion. Consolidated Edison had a net margin of 10.53% and a return on equity of 7.92%. During the same quarter in the previous year, the company earned $1.39 EPS. Equities analysts forecast that Consolidated Edison, Inc. will post 4.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be issued a $0.765 dividend. This represents a $3.06 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Tuesday, August 18th. Consolidated Edison’s dividend payout ratio is presently 70.02%.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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