Sandy Spring Bank decreased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 9.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,312 shares of the utilities provider’s stock after selling 329 shares during the quarter. Sandy Spring Bank’s holdings in Consolidated Edison were worth $267,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in Consolidated Edison by 1.8% during the second quarter. PNC Financial Services Group Inc. now owns 560,190 shares of the utilities provider’s stock worth $45,274,000 after buying an additional 9,825 shares in the last quarter. Profund Advisors LLC lifted its position in Consolidated Edison by 31.7% during the second quarter. Profund Advisors LLC now owns 32,056 shares of the utilities provider’s stock worth $2,591,000 after buying an additional 7,720 shares in the last quarter. Amalgamated Bank lifted its position in Consolidated Edison by 61.1% during the second quarter. Amalgamated Bank now owns 34,507 shares of the utilities provider’s stock worth $2,789,000 after buying an additional 13,084 shares in the last quarter. BlackRock Inc. lifted its position in Consolidated Edison by 1.8% during the second quarter. BlackRock Inc. now owns 24,544,339 shares of the utilities provider’s stock worth $1,983,672,000 after buying an additional 439,840 shares in the last quarter. Finally, Payden & Rygel lifted its position in Consolidated Edison by 112.5% during the second quarter. Payden & Rygel now owns 184,900 shares of the utilities provider’s stock worth $14,944,000 after buying an additional 97,900 shares in the last quarter. Hedge funds and other institutional investors own 55.06% of the company’s stock.
In related news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 471 shares of company stock worth $39,202 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.
Shares of Consolidated Edison Inc (ED) traded up 0.07% during midday trading on Tuesday, hitting $83.63. The stock had a trading volume of 60,554 shares. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $86.16. The stock has a 50-day moving average price of $83.84 and a 200-day moving average price of $81.09. The stock has a market cap of $25.56 billion, a P/E ratio of 20.23 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.03). The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period last year, the business posted $0.60 earnings per share. Equities analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 66.67%.
A number of equities research analysts have commented on the company. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Morgan Stanley lifted their target price on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. Jefferies Group LLC restated a “hold” rating and issued a $83.50 target price on shares of Consolidated Edison in a research report on Thursday, August 31st. Finally, BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. Consolidated Edison has a consensus rating of “Hold” and an average price target of $77.88.
Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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