Sienna Gestion Decreases Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Key Points

• Sienna Gestion reduced its stake in Consolidated Edison Inc by 9.3% in Q1, now holding 53,259 shares valued at approximately $5.7 million.
• The company announced a quarterly dividend of $0.85 per share, reflecting a 3.3% yield with a payout ratio of 61.71%.
• Consolidated Edison recently reported earnings of $0.67 EPS for the quarter, exceeding expectations and showing an increase from the previous year's $0.59 EPS.

Sienna Gestion reduced its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,259 shares of the utilities provider's stock after selling 5,456 shares during the period. Sienna Gestion's holdings in Consolidated Edison were worth $5,725,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison in the first quarter valued at about $32,000. Fort Vancouver Investment Management LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC bought a new position in Consolidated Edison in the first quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC boosted its position in shares of Consolidated Edison by 64.9% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after purchasing an additional 120 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth $35,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of several recent research reports. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Guggenheim boosted their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Barclays set a $107.00 price objective on shares of Consolidated Edison and gave the stock an "underweight" rating in a research report on Wednesday. Scotiabank upped their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, August 11th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Hold" and a consensus target price of $105.82.

Consolidated Edison Stock Down 1.9%

Shares of ED stock traded down $2.00 on Friday, hitting $100.86. The stock had a trading volume of 3,098,720 shares, compared to its average volume of 2,274,145. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The business has a 50 day moving average of $101.70 and a 200 day moving average of $103.54. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The stock has a market cap of $36.38 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 3.22 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the company earned $0.59 earnings per share. As a group, analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.

Consolidated Edison Company 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.