M&T Bank Corp Lowers Stake in Consolidated Edison Inc (NYSE:ED)

M&T Bank Corp decreased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 5.2% in the first quarter, according to its most recent 13F filing with the SEC. 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 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at $32,000. Fort Vancouver Investment Management LLC purchased a new stake in Consolidated Edison during the 1st quarter valued at $33,000. Elite Financial Inc. purchased a new stake in Consolidated Edison during the 1st quarter valued at $38,000. Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison during the 4th quarter valued at $35,000. Finally, Garde Capital Inc. purchased a new stake in Consolidated Edison during the 1st quarter valued at $49,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Down 0.5%

NYSE:ED traded down $0.48 on Friday, reaching $100.59. 1,853,686 shares of the stock traded hands, compared to its average volume of 2,407,192. The company's fifty day simple moving average is $102.73 and its 200 day simple moving average is $101.25. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $36.24 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 3.23 and a beta of 0.26. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month 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 company had revenue of $4.80 billion for 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 period in the previous year, the business earned $2.15 EPS. Equities analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison's payout ratio is presently 62.85%.

Analyst Ratings Changes

Several brokerages have weighed in on ED. Guggenheim increased their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Citigroup increased their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Mizuho raised shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and increased their price target for the company from $105.00 to $107.00 in a research report on Monday, June 30th. UBS Group increased their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Finally, Barclays raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of "Hold" and an average target price of $105.27.

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.