Bangor Savings Bank Lowers Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Bangor Savings Bank trimmed its position in shares of Consolidated Edison, Inc. (NYSE:EDFree Report) by 6.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,701 shares of the utilities provider’s stock after selling 1,013 shares during the quarter. Bangor Savings Bank’s holdings in Consolidated Edison were worth $1,244,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. raised its position in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at about $29,000. Tidemark LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. acquired a new stake in Consolidated Edison in the 4th quarter valued at about $29,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $31,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ED has been the topic of several research analyst reports. Barclays raised their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Wells Fargo & Company lifted their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Scotiabank decreased their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $73.00 to $80.00 and gave the company an “underweight” rating in a research note on Tuesday, May 28th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $89.58.

Check Out Our Latest Research Report on Consolidated Edison

Consolidated Edison Price Performance

ED stock traded down $0.19 during midday trading on Friday, hitting $90.34. 3,202,328 shares of the stock were exchanged, compared to its average volume of 1,880,307. The stock’s 50-day moving average price is $93.56 and its 200-day moving average price is $91.20. The stock has a market cap of $31.24 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.29 and a beta of 0.35. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. 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 (NYSE:EDGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. Research analysts predict that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.68%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Consolidated Edison Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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