City Holding Co. Sells 467 Shares of Consolidated Edison, Inc. (NYSE:ED)

City Holding Co. lessened its position in Consolidated Edison, Inc. (NYSE:ED) by 2.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,706 shares of the utilities provider’s stock after selling 467 shares during the period. City Holding Co.’s holdings in Consolidated Edison were worth $1,847,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management bought a new stake in shares of Consolidated Edison in the fourth quarter worth about $35,000. Wood Tarver Financial Group LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $35,000. Fairway Wealth LLC purchased a new stake in Consolidated Edison in the fourth quarter worth $36,000. Centricity Wealth Management LLC purchased a new position in Consolidated Edison during the 4th quarter valued at $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison during the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.7%

Shares of NYSE:ED opened at $101.57 on Monday. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The business’s 50 day moving average is $107.33 and its 200 day moving average is $100.42. The stock has a market cap of $36.59 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same quarter in the previous year, the company earned $2.15 earnings per share. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.35%. Consolidated Edison’s dividend payout ratio is currently 62.85%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating on the stock in a research note on Thursday, May 22nd. KeyCorp cut Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research note on Wednesday, May 14th. Barclays increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. Guggenheim lifted their price target on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Finally, Citigroup upped their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $104.27.

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.