Sumitomo Mitsui Trust Group Inc. Sells 43,391 Shares of Consolidated Edison, Inc. (NYSE:ED)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 965,203 shares of the utilities provider’s stock after selling 43,391 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.28% of Consolidated Edison worth $100,507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ED. Empowered Funds LLC grew its position in Consolidated Edison by 21.7% in the first quarter. Empowered Funds LLC now owns 13,770 shares of the utilities provider’s stock valued at $1,250,000 after purchasing an additional 2,458 shares in the last quarter. Sei Investments Co. grew its position in Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after purchasing an additional 89,080 shares in the last quarter. US Bancorp DE grew its position in Consolidated Edison by 1.1% in the first quarter. US Bancorp DE now owns 65,236 shares of the utilities provider’s stock valued at $5,924,000 after purchasing an additional 700 shares in the last quarter. Avantax Advisory Services Inc. grew its position in Consolidated Edison by 15.5% in the first quarter. Avantax Advisory Services Inc. now owns 25,229 shares of the utilities provider’s stock valued at $2,291,000 after purchasing an additional 3,381 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Consolidated Edison by 153.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock valued at $22,321,000 after purchasing an additional 148,988 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED opened at $95.41 on Thursday. The firm has a 50-day moving average of $103.16 and a 200-day moving average of $98.02. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market cap of $33.05 billion, a PE ratio of 17.94, a P/E/G ratio of 3.26 and a beta of 0.36. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Analyst Ratings Changes

ED has been the subject of a number of analyst reports. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Wells Fargo & Company increased 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. UBS Group increased their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Finally, Scotiabank increased their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $98.35.

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.