Amalgamated Bank Lowers Position in Consolidated Edison, Inc. (NYSE:ED)

Amalgamated Bank trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,964 shares of the utilities provider’s stock after selling 1,756 shares during the period. Amalgamated Bank’s holdings in Consolidated Edison were worth $6,256,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Beacon Capital Management LLC grew its position in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the period. Tidemark LLC purchased a new stake in Consolidated Edison in the fourth quarter worth about $29,000. Raleigh Capital Management Inc. bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison during the first quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 1.2 %

Shares of ED stock opened at $102.12 on Friday. The stock has a market capitalization of $35.32 billion, a P/E ratio of 19.60, a P/E/G ratio of 3.50 and a beta of 0.36. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The firm’s 50 day moving average is $99.86 and its 200 day moving average is $94.52. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $105.99.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period last year, the business posted $0.61 EPS. Research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analysts Set New Price Targets

ED has been the subject of a number of analyst reports. Barclays raised their price objective on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Guggenheim raised their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Scotiabank upped their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Morgan Stanley raised their price objective on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a research note on Friday, August 23rd. Finally, UBS Group upped their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average price target of $92.65.

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.