Citizens Financial Group Inc. RI Sells 6,406 Shares of Consolidated Edison, Inc. (NYSE:ED)

Citizens Financial Group Inc. RI trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 44.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,947 shares of the utilities provider’s stock after selling 6,406 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Consolidated Edison were worth $828,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hsbc Holdings PLC boosted its position in shares of Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after acquiring an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after purchasing an additional 125,859 shares in the last quarter. Swiss National Bank lifted its stake in Consolidated Edison by 0.3% during the third quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock worth $106,889,000 after purchasing an additional 3,500 shares during the period. Clean Energy Transition LLP boosted its holdings in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Consolidated Edison by 5.5% in the 2nd quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after purchasing an additional 36,991 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $98.36 on Friday. The firm has a market cap of $34.07 billion, a P/E ratio of 18.52, a P/E/G ratio of 3.26 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a 50 day simple moving average of $102.01 and a 200 day simple moving average of $98.08. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analysts Set New Price Targets

Several research firms recently commented on ED. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Finally, Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $98.19.

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.