Massmutual Trust Co. FSB ADV Sells 159 Shares of Consolidated Edison, Inc. (NYSE:ED)

Massmutual Trust Co. FSB ADV lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,272 shares of the utilities provider’s stock after selling 159 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Consolidated Edison were worth $2,215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Stifel Financial Corp boosted its position in Consolidated Edison by 2.5% in the fourth quarter. Stifel Financial Corp now owns 111,985 shares of the utilities provider’s stock valued at $10,187,000 after buying an additional 2,720 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Consolidated Edison by 0.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 239,235 shares of the utilities provider’s stock valued at $21,763,000 after acquiring an additional 1,347 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in Consolidated Edison by 9.6% in the fourth quarter. Rafferty Asset Management LLC now owns 38,514 shares of the utilities provider’s stock valued at $3,504,000 after acquiring an additional 3,367 shares during the period. Belpointe Asset Management LLC boosted its position in Consolidated Edison by 6.6% in the 4th quarter. Belpointe Asset Management LLC now owns 2,755 shares of the utilities provider’s stock worth $251,000 after purchasing an additional 170 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Consolidated Edison by 10.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 18,168 shares of the utilities provider’s stock valued at $1,653,000 after purchasing an additional 1,655 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED stock opened at $104.02 on Friday. The business’s fifty day moving average price is $101.91 and its 200 day moving average price is $95.51. Consolidated Edison, Inc. has a 12-month low of $82.00 and a 12-month high of $105.99. The company has a market capitalization of $35.97 billion, a PE ratio of 19.97, a P/E/G ratio of 3.52 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.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm earned $0.61 EPS. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ED. Barclays lifted their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Scotiabank boosted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Morgan Stanley lifted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $93.81.

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.