Bank of America Corp DE Sells 765,129 Shares of Consolidated Edison, Inc. (NYSE:ED)

Bank of America Corp DE reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,517,466 shares of the utilities provider's stock after selling 765,129 shares during the period. Bank of America Corp DE owned 3.61% of Consolidated Edison worth $1,116,934,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ED. Vanguard Group Inc. grew its holdings in Consolidated Edison by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider's stock valued at $3,788,319,000 after buying an additional 488,752 shares in the last quarter. Geode Capital Management LLC increased its holdings in Consolidated Edison by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock valued at $799,684,000 after acquiring an additional 130,234 shares during the last quarter. Norges Bank purchased a new stake in Consolidated Edison in the 4th quarter worth $399,824,000. Northern Trust Corp boosted its holdings in shares of Consolidated Edison by 10.2% during the 4th quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider's stock valued at $375,458,000 after purchasing an additional 390,708 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Consolidated Edison by 27.9% during the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock valued at $332,090,000 after purchasing an additional 812,885 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Down 2.2 %

NYSE:ED opened at $110.07 on Monday. The stock has a fifty day simple moving average of $107.80 and a 200-day simple moving average of $99.76. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a market cap of $39.65 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. During the same period last year, the firm earned $2.15 earnings per share. Analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison's dividend payout ratio is 64.89%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ED shares. Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. UBS Group boosted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Mizuho boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Wells Fargo & Company lifted their price target on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Friday. Finally, Scotiabank upped their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $105.70.

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.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.