US Bancorp DE cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 4.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,983 shares of the utilities provider’s stock after selling 2,597 shares during the period. US Bancorp DE’s holdings in Consolidated Edison were worth $4,833,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in ED. Wells Fargo & Company MN increased its position in Consolidated Edison by 5.1% during the first quarter. Wells Fargo & Company MN now owns 1,147,012 shares of the utilities provider’s stock worth $89,398,000 after acquiring an additional 56,002 shares during the period. Daiwa Securities Group Inc. increased its position in Consolidated Edison by 15.5% during the first quarter. Daiwa Securities Group Inc. now owns 10,902 shares of the utilities provider’s stock worth $850,000 after acquiring an additional 1,460 shares during the period. Twin Capital Management Inc. increased its position in Consolidated Edison by 7.4% during the first quarter. Twin Capital Management Inc. now owns 15,550 shares of the utilities provider’s stock worth $1,212,000 after acquiring an additional 1,070 shares during the period. Alps Advisors Inc. increased its position in Consolidated Edison by 90.0% during the first quarter. Alps Advisors Inc. now owns 17,918 shares of the utilities provider’s stock worth $1,397,000 after acquiring an additional 8,489 shares during the period. Finally, Comerica Bank increased its position in Consolidated Edison by 2.8% during the first quarter. Comerica Bank now owns 113,433 shares of the utilities provider’s stock worth $8,860,000 after acquiring an additional 3,121 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

ED stock opened at $79.39 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.57 and a current ratio of 0.63. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $89.70. The stock has a market capitalization of $24.41 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 6.13 and a beta of 0.06.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. Consolidated Edison had a net margin of 12.90% and a return on equity of 8.52%. The firm had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the firm earned $0.58 EPS. equities research analysts forecast that Consolidated Edison, Inc. will post 4.27 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th will be issued a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend is Tuesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 69.93%.

ED has been the topic of a number of recent research reports. ValuEngine lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, June 6th. Scotiabank assumed coverage on shares of Consolidated Edison in a research report on Tuesday, July 24th. They set a “sell” rating and a $32.00 price target on the stock. Morgan Stanley decreased their target price on shares of Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating on the stock in a report on Wednesday, June 13th. Howard Weil assumed coverage on shares of Consolidated Edison in a report on Tuesday, July 24th. They issued a “sector underperform” rating on the stock. Finally, Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a report on Tuesday, August 7th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $77.45.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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