Rhumbline Advisers Sells 32,679 Shares of Consolidated Edison, Inc. (NYSE:ED)

Rhumbline Advisers lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 740,266 shares of the utilities provider’s stock after selling 32,679 shares during the period. Rhumbline Advisers’ holdings in Consolidated Edison were worth $66,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Consolidated Edison in the 3rd quarter worth about $27,000. AlphaMark Advisors LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth about $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter worth about $30,000. CGC Financial Services LLC grew its holdings in shares of Consolidated Edison by 64.0% in the 4th quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 213 shares during the last quarter. Finally, FSA Wealth Management LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter worth about $55,000. Institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Mizuho increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, Barclays decreased their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a report on Monday, January 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $100.70.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $95.01 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The company has a market cap of $32.91 billion, a PE ratio of 17.89, a PEG ratio of 3.04 and a beta of 0.39. The company’s 50-day moving average is $91.84 and its two-hundred day moving average is $98.13.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.58%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

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.