Commerzbank Aktiengesellschaft FI Trims Stock Position in Consolidated Edison Inc $ED

Key Points

• Commerzbank Aktiengesellschaft FI sharply cut its position in Consolidated Edison by 93.1% in the first quarter, leaving it with 2,146 shares worth about $243,000.
• Institutional ownership remains high, with hedge funds and other investors holding about 66.29% of Consolidated Edison’s stock, and several firms made smaller additions to their stakes during the quarter.
• Wall Street is cautious on the utility: the stock carries a “Reduce” consensus rating and an average price target of $108.07, while shares recently traded at $112.11 and the company also announced a 3.2% dividend yield.

Commerzbank Aktiengesellschaft FI trimmed its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 93.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,146 shares of the utilities provider's stock after selling 28,966 shares during the period. Commerzbank Aktiengesellschaft FI's holdings in Consolidated Edison were worth $243,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Earned Wealth Advisors LLC lifted its stake in shares of Consolidated Edison by 5.8% in the 1st quarter. Earned Wealth Advisors LLC now owns 2,522 shares of the utilities provider's stock valued at $285,000 after purchasing an additional 138 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of Consolidated Edison by 419.5% during the 1st quarter. Meeder Asset Management Inc. now owns 19,814 shares of the utilities provider's stock worth $2,243,000 after purchasing an additional 16,000 shares during the last quarter. Meeder Advisory Services Inc. raised its holdings in Consolidated Edison by 6.1% in the 1st quarter. Meeder Advisory Services Inc. now owns 12,478 shares of the utilities provider's stock valued at $1,412,000 after buying an additional 714 shares during the period. Hamel Associates Inc. raised its holdings in Consolidated Edison by 1.9% in the 1st quarter. Hamel Associates Inc. now owns 51,867 shares of the utilities provider's stock valued at $5,870,000 after buying an additional 970 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Consolidated Edison by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,447,524 shares of the utilities provider's stock valued at $163,831,000 after buying an additional 7,254 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Mizuho reiterated a "neutral" rating and set a $105.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Barclays reduced their price target on shares of Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a research note on Monday, May 11th. Weiss Ratings upgraded shares of Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average target price of $108.07.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $112.11 on Thursday. The stock has a market capitalization of $41.31 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The business has a 50-day moving average of $108.77 and a 200 day moving average of $108.89. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison's dividend payout ratio (DPR) is presently 59.76%.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

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