Synovus Financial Corp trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 2.6% in the 1st quarter, HoldingsChannel reports. The firm owned 10,981 shares of the utilities provider’s stock after selling 295 shares during the quarter. Synovus Financial Corp’s holdings in Consolidated Edison were worth $822,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. FMR LLC raised its position in Consolidated Edison by 3.8% in the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock worth $15,357,000 after purchasing an additional 6,640 shares during the period. Victory Capital Management Inc. grew its position in shares of Consolidated Edison by 8.3% during the 4th quarter. Victory Capital Management Inc. now owns 372,218 shares of the utilities provider’s stock valued at $26,900,000 after acquiring an additional 28,474 shares during the period. Parallel Advisors LLC increased its position in shares of Consolidated Edison by 8.5% in the fourth quarter. Parallel Advisors LLC now owns 2,605 shares of the utilities provider’s stock valued at $188,000 after buying an additional 205 shares in the last quarter. Valmark Advisers Inc. acquired a new position in Consolidated Edison during the fourth quarter worth $206,000. Finally, Winslow Evans & Crocker Inc. raised its position in shares of Consolidated Edison by 90.1% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 2,773 shares of the utilities provider’s stock worth $200,000 after purchasing an additional 1,314 shares during the last quarter. Institutional investors and hedge funds own 60.71% of the company’s stock.
Several equities research analysts recently commented on ED shares. TheStreet raised Consolidated Edison from a “c” rating to a “b-” rating in a report on Thursday, April 22nd. Morgan Stanley decreased their price target on Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 18th. Credit Suisse Group upped their target price on shares of Consolidated Edison from $65.00 to $74.00 and gave the stock an “underperform” rating in a research note on Thursday, April 29th. Finally, Barclays raised their target price on shares of Consolidated Edison from $69.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, May 25th. Six analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $75.50.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 6th. The utilities provider reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.08. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.45 billion. Consolidated Edison had a net margin of 9.02% and a return on equity of 7.64%. During the same quarter in the prior year, the business earned $1.35 earnings per share. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.24 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Wednesday, May 19th will be given a dividend of $0.775 per share. This represents a $3.10 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Tuesday, May 18th. Consolidated Edison’s dividend payout ratio (DPR) is presently 74.16%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the 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 1,576 customers in parts of Manhattan.
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