Commerzbank Aktiengesellschaft FI Cuts Stock Holdings in Consolidated Edison Inc $ED

Commerzbank Aktiengesellschaft FI reduced its stake in Consolidated Edison Inc (NYSE:ED) by 93.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,146 shares of the utilities provider’s stock after selling 28,966 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Consolidated Edison were worth $243,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Earned Wealth Advisors LLC boosted its holdings in Consolidated Edison by 5.8% in the first quarter. Earned Wealth Advisors LLC now owns 2,522 shares of the utilities provider’s stock valued at $285,000 after purchasing an additional 138 shares during the period. Meeder Asset Management Inc. increased its holdings in Consolidated Edison by 419.5% during the 1st quarter. Meeder Asset Management Inc. now owns 19,814 shares of the utilities provider’s stock worth $2,243,000 after purchasing an additional 16,000 shares during the period. Meeder Advisory Services Inc. increased its holdings in Consolidated Edison by 6.1% during the 1st quarter. Meeder Advisory Services Inc. now owns 12,478 shares of the utilities provider’s stock worth $1,412,000 after purchasing an additional 714 shares during the period. Hamel Associates Inc. increased its holdings in Consolidated Edison by 1.9% during the 1st quarter. Hamel Associates Inc. now owns 51,867 shares of the utilities provider’s stock worth $5,870,000 after purchasing an additional 970 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Consolidated Edison by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,447,524 shares of the utilities provider’s stock valued at $163,831,000 after purchasing an additional 7,254 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ED. Argus set a $112.00 price objective on Consolidated Edison in a research note on Tuesday, June 23rd. Evercore set a $116.00 target price on shares of Consolidated Edison in a research note on Monday, May 11th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Finally, KeyCorp lifted their price target on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $108.07.

Consolidated Edison Stock Performance

NYSE:ED opened at $112.11 on Thursday. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The firm has a market capitalization of $41.31 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. The business’s fifty day moving average price is $108.77 and its 200 day moving average price is $108.89.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio is presently 59.76%.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.