Pacer Advisors Inc. Has $3.53 Million Stock Position in Consolidated Edison Inc (NYSE:ED)

Key Points

• Pacer Advisors Inc. reduced its stake in Consolidated Edison Inc by 45.3%, selling 26,472 shares and leaving them with 31,908 shares worth approximately $3.53 million.
• The company announced a quarterly dividend of $0.85, set to be paid on September 15th, resulting in an annualized yield of 3.33%.
• Wall Street analysts maintain a consensus rating of "Hold" for Consolidated Edison, with an average price target of $105.09 and several upgrades reflecting positive sentiment.

Pacer Advisors Inc. lowered its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 45.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,908 shares of the utilities provider's stock after selling 26,472 shares during the period. Pacer Advisors Inc.'s holdings in Consolidated Edison were worth $3,529,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Alpine Bank Wealth Management acquired a new position in shares of Consolidated Edison during the 1st quarter worth $32,000. Fort Vancouver Investment Management LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth $33,000. Elite Financial Inc. acquired a new position in shares of Consolidated Edison during the 1st quarter worth $38,000. Wood Tarver Financial Group LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth $35,000. Finally, Garde Capital Inc. acquired a new position in shares of Consolidated Edison during the 1st quarter worth $49,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ED. Morgan Stanley lowered their price target on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Barclays upped their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Citigroup upped their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Finally, Mizuho raised Consolidated Edison from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has an average rating of "Hold" and an average price target of $105.09.

Consolidated Edison Trading Up 1.1%

Shares of NYSE ED traded up $1.12 during trading on Friday, reaching $104.62. The company had a trading volume of 844,902 shares, compared to its average volume of 2,745,172. The company's fifty day moving average price is $101.54 and its 200-day moving average price is $102.57. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The stock has a market cap of $37.70 billion, a P/E ratio of 19.32, a PEG ratio of 3.27 and a beta of 0.26. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

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

Consolidated Edison Announces Dividend

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

About Consolidated Edison

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.