Excalibur Management Corp Cuts Position in Consolidated Edison, Inc. (NYSE:ED)

Excalibur Management Corp trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.2% during the 4th quarter, Holdings Channel reports. The fund owned 13,545 shares of the utilities provider’s stock after selling 299 shares during the period. Excalibur Management Corp’s holdings in Consolidated Edison were worth $1,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ED. United Bank purchased a new position in shares of Consolidated Edison in the 3rd quarter worth $227,000. Thrivent Financial for Lutherans lifted its stake in shares of Consolidated Edison by 11.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 35,104 shares of the utilities provider’s stock valued at $3,655,000 after purchasing an additional 3,716 shares during the last quarter. Raymond James Trust N.A. lifted its position in Consolidated Edison by 3.9% in the third quarter. Raymond James Trust N.A. now owns 7,571 shares of the utilities provider’s stock worth $788,000 after buying an additional 287 shares during the last quarter. Cerity Partners LLC increased its position in Consolidated Edison by 17.5% during the third quarter. Cerity Partners LLC now owns 77,323 shares of the utilities provider’s stock valued at $8,052,000 after acquiring an additional 11,528 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Consolidated Edison by 2,732.7% in the third quarter. Larson Financial Group LLC now owns 4,249 shares of the utilities provider’s stock valued at $442,000 after acquiring an additional 4,099 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent analyst reports. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. UBS Group upped their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Mizuho raised their price target on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Morgan Stanley upped their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th. Finally, Scotiabank lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $102.40.

Consolidated Edison Price Performance

Shares of ED opened at $105.60 on Wednesday. Consolidated Edison, Inc. has a fifty-two week low of $87.16 and a fifty-two week high of $109.36. The company has a 50 day moving average price of $98.60 and a 200-day moving average price of $98.40. The stock has a market capitalization of $36.62 billion, a PE ratio of 20.15, a PEG ratio of 3.05 and a beta of 0.30. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Equities analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.22%. Consolidated Edison’s payout ratio is 64.89%.

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.