Consolidated Edison, Inc. (ED) Stake Lowered by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 497,434 shares of the utilities provider’s stock after selling 5,005 shares during the period. PNC Financial Services Group Inc.’s holdings in Consolidated Edison were worth $37,900,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Whittier Trust Co. grew its stake in Consolidated Edison by 137.0% during the second quarter. Whittier Trust Co. now owns 4,463 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 2,580 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Consolidated Edison during the second quarter valued at approximately $877,000. Janney Montgomery Scott LLC grew its stake in Consolidated Edison by 39.8% during the second quarter. Janney Montgomery Scott LLC now owns 84,988 shares of the utilities provider’s stock valued at $6,627,000 after acquiring an additional 24,189 shares in the last quarter. ARP Americas LP purchased a new position in Consolidated Edison during the second quarter valued at approximately $1,318,000. Finally, OLD National Bancorp IN grew its stake in Consolidated Edison by 4.7% during the second quarter. OLD National Bancorp IN now owns 28,839 shares of the utilities provider’s stock valued at $2,249,000 after acquiring an additional 1,303 shares in the last quarter. 58.75% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently commented on ED. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a research note on Tuesday, September 11th. Wells Fargo & Co boosted their price objective on shares of Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Wednesday, September 12th. UBS Group boosted their price objective on shares of Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, September 21st. Finally, Barclays boosted their price objective on shares of Consolidated Edison from $79.00 to $83.00 and gave the company a “hold” rating in a research note on Monday, November 19th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $77.36.

Shares of Consolidated Edison stock opened at $77.34 on Friday. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $89.70. The company has a market cap of $24.02 billion and a price-to-earnings ratio of 18.91. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.62 and a quick ratio of 0.56.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.11. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.17 billion. During the same period in the previous year, the business posted $1.47 earnings per share. Equities research analysts predict that Consolidated Edison, Inc. will post 4.28 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be given a dividend of $0.715 per share. The ex-dividend date is Tuesday, November 13th. This represents a $2.86 annualized dividend and a yield of 3.70%. Consolidated Edison’s payout ratio is presently 69.93%.

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Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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

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