Sumitomo Mitsui Trust Holdings Inc. Sells 33,774 Shares of Consolidated Edison, Inc. (NYSE:ED)

Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,138,702 shares of the utilities provider’s stock after selling 33,774 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.33% of Consolidated Edison worth $103,406,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ED. Norges Bank bought a new stake in Consolidated Edison in the 4th quarter worth $243,511,000. International Assets Investment Management LLC grew its holdings in Consolidated Edison by 9,063.6% in the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after acquiring an additional 513,364 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Consolidated Edison by 408.8% in the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock worth $36,101,000 after acquiring an additional 318,858 shares during the last quarter. Pinebridge Investments L.P. grew its holdings in Consolidated Edison by 56.1% in the 4th quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock worth $63,927,000 after acquiring an additional 252,617 shares during the last quarter. Finally, AMF Tjanstepension AB bought a new stake in Consolidated Edison in the 1st quarter worth $13,193,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.3 %

Shares of NYSE ED opened at $88.71 on Thursday. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $98.85. The stock has a market cap of $30.68 billion, a P/E ratio of 17.03, a price-to-earnings-growth ratio of 2.26 and a beta of 0.34. The firm has a 50-day moving average of $93.40 and a 200 day moving average of $91.08. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.83 earnings per share. As a group, sell-side analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.74%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Ratings Changes

Several equities research analysts have recently commented on ED shares. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Morgan Stanley dropped their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Finally, Mizuho raised their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $89.27.

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.