M&T Bank Corp Has $5.73 Million Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

M&T Bank Corp trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,038 shares of the utilities provider’s stock after selling 6,538 shares during the quarter. M&T Bank Corp’s holdings in Consolidated Edison were worth $5,734,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Financial Gravity Asset Management Inc. raised its stake in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Bruce G. Allen Investments LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $31,000. CVA Family Office LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $32,000. Finally, Venturi Wealth Management LLC boosted its stake in Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 183 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on ED shares. Wells Fargo & Company boosted their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday. Royal Bank of Canada lowered their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. UBS Group dropped their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Finally, Barclays lifted their price target on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $87.75.

Consolidated Edison Stock Performance

NYSE ED opened at $96.13 on Tuesday. The company has a market capitalization of $33.24 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.32. The company has a 50-day simple moving average of $90.41 and a 200 day simple moving average of $90.21.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter last year, the business posted $1.83 EPS. Consolidated Edison’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, research analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.45%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

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.