US Bancorp DE Sells 1,395 Shares of Consolidated Edison, Inc. (NYSE:ED)

US Bancorp DE trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 58,604 shares of the utilities provider’s stock after selling 1,395 shares during the period. US Bancorp DE’s holdings in Consolidated Edison were worth $5,298,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the business. Private Advisor Group LLC boosted its holdings in Consolidated Edison by 11.5% in the 2nd quarter. Private Advisor Group LLC now owns 47,157 shares of the utilities provider’s stock valued at $4,304,000 after purchasing an additional 4,875 shares during the period. Cetera Advisor Networks LLC boosted its holdings in Consolidated Edison by 5.0% in the 2nd quarter. Cetera Advisor Networks LLC now owns 53,473 shares of the utilities provider’s stock valued at $4,834,000 after purchasing an additional 2,534 shares during the period. Cetera Investment Advisers boosted its holdings in Consolidated Edison by 7.1% in the 2nd quarter. Cetera Investment Advisers now owns 19,203 shares of the utilities provider’s stock valued at $1,736,000 after purchasing an additional 1,277 shares during the period. Arrow Financial Corp boosted its holdings in Consolidated Edison by 27.6% in the 2nd quarter. Arrow Financial Corp now owns 1,039 shares of the utilities provider’s stock valued at $94,000 after purchasing an additional 225 shares during the period. Finally, Montag A & Associates Inc. boosted its holdings in Consolidated Edison by 14.4% in the 2nd quarter. Montag A & Associates Inc. now owns 2,222 shares of the utilities provider’s stock valued at $201,000 after purchasing an additional 280 shares during the period. 64.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Bank of America reduced their price target on shares of Consolidated Edison from $103.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, August 16th. Royal Bank of Canada reduced their price objective on shares of Consolidated Edison from $97.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, September 6th. KeyCorp reduced their price objective on shares of Consolidated Edison from $77.00 to $73.00 and set an “underweight” rating for the company in a report on Wednesday, October 18th. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating for the company in a report on Wednesday, October 25th. Finally, Barclays reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $88.00.

Consolidated Edison Price Performance

ED stock opened at $90.94 on Tuesday. The stock has a 50-day moving average price of $88.64 and a two-hundred day moving average price of $91.15. The stock has a market cap of $31.39 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 8.97 and a beta of 0.38. The company has a current ratio of 0.98, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.92.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 48.00%.

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 3.6 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.