Federated Hermes Inc. Has $3.55 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

Federated Hermes Inc. reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 67.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,055 shares of the utilities provider’s stock after selling 81,198 shares during the period. Federated Hermes Inc.’s holdings in Consolidated Edison were worth $3,553,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ED. Financial Gravity Asset Management Inc. boosted its holdings in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at about $29,000. Bruce G. Allen Investments LLC bought a new stake in Consolidated Edison during the fourth quarter worth about $31,000. CVA Family Office LLC bought a new stake in Consolidated Edison during the fourth quarter worth about $32,000. Finally, Venturi Wealth Management LLC boosted its position in Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 183 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Trading Down 1.2 %

NYSE ED opened at $92.95 on Friday. The firm has a market capitalization of $32.12 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 8.79 and a beta of 0.35. The business’s 50-day moving average price is $89.52 and its two-hundred day moving average price is $89.90. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.44.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm’s revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 EPS. On average, analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. Consolidated Edison’s dividend payout ratio is currently 46.24%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Royal Bank of Canada lowered their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. UBS Group dropped their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective on the stock. Finally, KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $87.54.

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.