Bank of Nova Scotia Sells 55,484 Shares of Consolidated Edison Inc (NYSE:ED)

Key Points

• The Bank of Nova Scotia has reduced its stake in Consolidated Edison Inc by 24.7%, selling 55,484 shares and owning 169,431 shares worth approximately $18.7 million as of the latest reporting period.
• Consolidated Edison reported a missed earnings estimate of $2.25 EPS for the last quarter, falling short of the consensus estimate of $2.30, but surpassed revenue expectations with $4.80 billion.
• The company announced a quarterly dividend of $0.85 per share, which results in an annualized dividend yield of 3.3% and reflects a payout ratio of approximately 62.85%.

Bank of Nova Scotia trimmed its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 24.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 169,431 shares of the utilities provider's stock after selling 55,484 shares during the quarter. Bank of Nova Scotia's holdings in Consolidated Edison were worth $18,737,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in ED. Alpine Bank Wealth Management acquired a new position in Consolidated Edison during the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in Consolidated Edison during the 1st quarter worth $33,000. Wood Tarver Financial Group LLC acquired a new position in Consolidated Edison during the 4th quarter worth $35,000. Elite Financial Inc. acquired a new position in Consolidated Edison during the 1st quarter worth $38,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Consolidated Edison during the 1st quarter worth $44,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Trading Up 0.9%

Shares of Consolidated Edison stock traded up $0.93 on Monday, reaching $105.37. 2,345,136 shares of the company were exchanged, compared to its average volume of 2,050,562. The stock has a fifty day moving average price of $101.57 and a 200-day moving average price of $102.92. The firm has a market capitalization of $37.96 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 3.33 and a beta of 0.24. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period in the previous year, the firm posted $2.15 earnings per share. On average, analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.2%. Consolidated Edison's payout ratio is 62.85%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Citigroup boosted their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, April 9th. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $105.00 to $107.00 in a research report on Monday, June 30th. Barclays boosted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Morgan Stanley reduced their price target on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Finally, KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Consolidated Edison has an average rating of "Hold" and a consensus price target of $105.09.

Consolidated Edison 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.