PNC Financial Services Group Inc. Sells 18,690 Shares of Consolidated Edison, Inc. (NYSE:ED)

PNC Financial Services Group Inc. decreased its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 281,228 shares of the utilities provider’s stock after selling 18,690 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Consolidated Edison were worth $29,284,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Retirement Planning Co of New England Inc. boosted its stake in shares of Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after buying an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Consolidated Edison by 13.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 100 shares during the last quarter. Brookstone Capital Management raised its stake in shares of Consolidated Edison by 0.6% during the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock worth $2,517,000 after purchasing an additional 136 shares during the period. Checchi Capital Advisers LLC boosted its holdings in shares of Consolidated Edison by 2.6% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after buying an additional 141 shares during the last quarter. Finally, Center For Asset Management LLC grew its position in Consolidated Edison by 3.5% during the second quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock valued at $390,000 after buying an additional 147 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.9 %

ED opened at $97.88 on Thursday. The firm has a market capitalization of $33.91 billion, a P/E ratio of 18.43, a price-to-earnings-growth ratio of 3.24 and a beta of 0.36. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a fifty day moving average price of $102.23 and a 200-day moving average price of $98.06. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Equities research analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Analyst Ratings Changes

ED has been the topic of several research reports. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Scotiabank increased their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Bank of America boosted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $98.35.

Consolidated Edison Profile

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.