Swiss National Bank Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Swiss National Bank decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,079,700 shares of the utilities provider's stock after selling 35,100 shares during the period. Swiss National Bank owned about 0.31% of Consolidated Edison worth $98,220,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Diversified Trust Co raised its position in Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider's stock worth $3,361,000 after acquiring an additional 21,604 shares during the period. abrdn plc raised its position in Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider's stock worth $28,373,000 after acquiring an additional 72,273 shares during the period. Pacer Advisors Inc. raised its position in Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider's stock worth $5,487,000 after acquiring an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. bought a new position in Consolidated Edison in the fourth quarter worth approximately $1,551,000. Finally, Mariner LLC raised its position in Consolidated Edison by 24.9% in the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider's stock worth $7,844,000 after acquiring an additional 18,270 shares during the period. Institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

ED has been the subject of a number of analyst reports. UBS Group reduced their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a "neutral" rating for the company in a research note on Friday, February 16th. Scotiabank lowered their price objective on Consolidated Edison from $91.00 to $85.00 and set a "sector underperform" rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company upped their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an "equal weight" rating in a research note on Friday. Barclays lifted their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an "equal weight" rating in a research note on Thursday, March 14th. Finally, Royal Bank of Canada lowered their price target on Consolidated Edison from $94.00 to $93.00 and set a "sector perform" rating on the stock in a report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $87.75.

Consolidated Edison Price Performance

ED traded up $0.31 during trading hours on Friday, hitting $95.56. The company's stock had a trading volume of 2,465,195 shares, compared to its average volume of 2,284,421. The stock has a market cap of $33.02 billion, a price-to-earnings ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. The business's 50-day moving average price is $90.21 and its 200-day moving average price is $90.15. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.44.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the previous year, the firm posted $1.83 EPS. The business's quarterly revenue was down 2.8% on a year-over-year basis. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison's payout ratio is 63.72%.

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.