M&T Bank Corp Cuts Holdings in Consolidated Edison Inc (NYSE:ED)

M&T Bank Corp decreased its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,772 shares of the utilities provider's stock after selling 3,034 shares during the period. M&T Bank Corp's holdings in Consolidated Edison were worth $6,167,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ED. Norges Bank purchased a new position in Consolidated Edison in the fourth quarter worth about $399,824,000. GAMMA Investing LLC grew its position in Consolidated Edison by 15,937.5% in the first quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock worth $113,031,000 after acquiring an additional 1,015,700 shares in the last quarter. ExodusPoint Capital Management LP grew its position in Consolidated Edison by 412.0% in the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock worth $97,564,000 after acquiring an additional 879,866 shares in the last quarter. Invesco Ltd. lifted its stake in Consolidated Edison by 27.9% in the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Consolidated Edison by 232.3% in the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock worth $93,989,000 after purchasing an additional 736,348 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ED. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. UBS Group raised their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price objective for the company. in a research note on Wednesday, May 14th. Finally, Mizuho raised shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $105.00 to $107.00 in a research note on Monday, June 30th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Consolidated Edison has an average rating of "Hold" and an average price target of $105.27.

Consolidated Edison Stock Up 1.1%

Shares of NYSE ED opened at $101.11 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The firm has a market capitalization of $36.43 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 3.19 and a beta of 0.26. The stock has a 50 day moving average price of $102.73 and a 200 day moving average price of $101.25. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same quarter in the previous year, the firm posted $2.15 EPS. Sell-side 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 disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is 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.

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