Chevy Chase Trust Holdings LLC Sells 3,562 Shares of Consolidated Edison, Inc. (NYSE:ED)

Chevy Chase Trust Holdings LLC decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 183,048 shares of the utilities provider’s stock after selling 3,562 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Consolidated Edison were worth $16,333,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in Consolidated Edison during the third quarter valued at $27,000. Ashton Thomas Securities LLC bought a new position in Consolidated Edison during the third quarter valued at $30,000. AlphaMark Advisors LLC bought a new position in Consolidated Edison during the fourth quarter valued at $27,000. FSA Wealth Management LLC bought a new position in Consolidated Edison during the third quarter valued at $55,000. Finally, CGC Financial Services LLC lifted its position in Consolidated Edison by 64.0% during the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 213 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.7 %

ED stock opened at $95.01 on Friday. The company has a market capitalization of $32.91 billion, a PE ratio of 17.89, a P/E/G ratio of 3.04 and a beta of 0.39. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The firm’s 50-day moving average is $91.84 and its 200 day moving average is $98.13. 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 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.58%. The ex-dividend date is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Ratings Changes

Several equities analysts have commented on ED shares. Barclays lowered their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Morgan Stanley reduced their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Mizuho increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $100.00.

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.