M&T Bank Corp lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,001 shares of the utilities provider’s stock after selling 589 shares during the quarter. M&T Bank Corp’s holdings in Consolidated Edison were worth $6,545,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Sciencast Management LP bought a new stake in Consolidated Edison during the second quarter worth $888,000. Pacer Advisors Inc. bought a new position in shares of Consolidated Edison in the second quarter valued at about $2,013,000. V Wealth Advisors LLC raised its position in shares of Consolidated Edison by 12.0% in the second quarter. V Wealth Advisors LLC now owns 4,815 shares of the utilities provider’s stock valued at $346,000 after purchasing an additional 515 shares during the period. Raymond James & Associates raised its position in shares of Consolidated Edison by 1.2% in the second quarter. Raymond James & Associates now owns 160,201 shares of the utilities provider’s stock valued at $11,524,000 after purchasing an additional 1,869 shares during the period. Finally, Bray Capital Advisors raised its position in shares of Consolidated Edison by 29.4% in the second quarter. Bray Capital Advisors now owns 4,572 shares of the utilities provider’s stock valued at $329,000 after purchasing an additional 1,040 shares during the period. 59.76% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Robert N. Hoglund acquired 2,000 shares of Consolidated Edison stock in a transaction on Wednesday, June 24th. The shares were purchased at an average cost of $71.65 per share, for a total transaction of $143,300.00. Following the completion of the purchase, the chief financial officer now directly owns 41,893 shares of the company’s stock, valued at approximately $3,001,633.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have acquired 2,533 shares of company stock worth $183,114 over the last quarter. Corporate insiders own 0.18% of the company’s stock.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 7th. The utilities provider reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.08). The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.60 billion. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. During the same quarter in the previous year, the company earned $1.39 earnings per share. On average, analysts forecast that Consolidated Edison, Inc. will post 4.24 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.765 per share. The ex-dividend date is Tuesday, August 18th. This represents a $3.06 dividend on an annualized basis and a yield of 3.98%. Consolidated Edison’s payout ratio is 70.02%.
Several brokerages have recently weighed in on ED. Cfra dropped their price objective on shares of Consolidated Edison from $92.00 to $74.00 and set a “hold” rating on the stock in a research report on Friday, May 22nd. Wells Fargo & Co dropped their price objective on shares of Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Monday, May 11th. Zacks Investment Research lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $76.00 price objective on the stock. in a research report on Tuesday, June 23rd. Bank of America reissued a “buy” rating and issued a $85.00 price objective (down from $91.00) on shares of Consolidated Edison in a research report on Friday, May 8th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $85.00 price objective on shares of Consolidated Edison in a research report on Thursday, April 30th. Five analysts have rated the stock with a sell rating, six have issued 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 price target of $77.42.
Consolidated Edison 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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