Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Jacobi Capital Management LLC

Jacobi Capital Management LLC reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 15.9% during the 1st quarter, Holdings Channel reports. The firm owned 2,778 shares of the utilities provider’s stock after selling 525 shares during the quarter. Jacobi Capital Management LLC’s holdings in Consolidated Edison were worth $252,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Tidemark LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Raleigh Capital Management Inc. purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. CVA Family Office LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $32,000. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $33,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Trading Down 0.6 %

Shares of NYSE ED traded down $0.57 during trading on Tuesday, reaching $94.07. The stock had a trading volume of 140,817 shares, compared to its average volume of 1,869,153. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The business’s 50-day moving average price is $92.14 and its 200-day moving average price is $91.13. The company has a market cap of $32.53 billion, a P/E ratio of 18.17, a PEG ratio of 2.39 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The company’s revenue was down 2.8% on a year-over-year basis. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.53%. Consolidated Edison’s payout ratio is presently 63.72%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ED. Barclays downgraded Consolidated Edison from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $97.00 to $92.00 in a research report on Monday. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Morgan Stanley reduced their price objective on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Finally, UBS Group lifted their price objective on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $89.04.

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.