Bank of New York Mellon Corp Decreases Position in Consolidated Edison Inc $ED

Bank of New York Mellon Corp decreased its position in shares of Consolidated Edison Inc (NYSE:ED) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,243,808 shares of the utilities provider’s stock after selling 59,533 shares during the period. Bank of New York Mellon Corp owned 0.62% of Consolidated Edison worth $225,166,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ED. AG2R LA Mondiale Gestion D Actifs acquired a new position in shares of Consolidated Edison in the first quarter valued at approximately $1,631,000. RDA Financial Network acquired a new position in shares of Consolidated Edison in the second quarter valued at approximately $367,000. Nordea Investment Management AB increased its holdings in shares of Consolidated Edison by 11.4% in the second quarter. Nordea Investment Management AB now owns 19,850 shares of the utilities provider’s stock valued at $1,973,000 after purchasing an additional 2,027 shares during the period. Wesbanco Bank Inc. increased its holdings in shares of Consolidated Edison by 39.8% in the second quarter. Wesbanco Bank Inc. now owns 11,305 shares of the utilities provider’s stock valued at $1,134,000 after purchasing an additional 3,218 shares during the period. Finally, Jacobi Capital Management LLC increased its holdings in shares of Consolidated Edison by 37.4% in the first quarter. Jacobi Capital Management LLC now owns 3,530 shares of the utilities provider’s stock valued at $390,000 after purchasing an additional 961 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Down 1.9%

ED opened at $96.10 on Thursday. The business’s fifty day moving average is $98.76 and its two-hundred day moving average is $101.79. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The company has a market cap of $34.66 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.70 and a beta of 0.32. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the business earned $0.59 earnings per share. Analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, November 19th. Consolidated Edison’s dividend payout ratio is currently 61.71%.

Analyst Ratings Changes

A number of research firms have recently issued reports on ED. Scotiabank boosted their target price on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a report on Monday, August 11th. Evercore ISI assumed coverage on Consolidated Edison in a report on Tuesday, October 7th. They set an “in-line” rating and a $106.00 price objective on the stock. Barclays dropped their price objective on Consolidated Edison from $107.00 to $105.00 and set an “underweight” rating on the stock in a report on Tuesday, October 21st. New Street Research set a $106.00 price objective on Consolidated Edison in a report on Monday, October 6th. Finally, Morgan Stanley upped their price objective on Consolidated Edison from $93.00 to $100.00 and gave the stock an “underweight” rating in a report on Wednesday, October 22nd. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $105.08.

Consolidated Edison Company 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.