Bangor Savings Bank Sells 553 Shares of Consolidated Edison, Inc. (NYSE:ED)

Bangor Savings Bank decreased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,833 shares of the utilities provider’s stock after selling 553 shares during the quarter. Bangor Savings Bank’s holdings in Consolidated Edison were worth $1,056,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. National Bank of Canada FI increased its stake in shares of Consolidated Edison by 20.9% in the 2nd quarter. National Bank of Canada FI now owns 137,752 shares of the utilities provider’s stock worth $12,233,000 after purchasing an additional 23,850 shares in the last quarter. Victory Capital Management Inc. increased its position in Consolidated Edison by 12.6% in the second quarter. Victory Capital Management Inc. now owns 672,211 shares of the utilities provider’s stock worth $60,109,000 after buying an additional 75,443 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares during the period. First Foundation Advisors purchased a new position in shares of Consolidated Edison during the 2nd quarter valued at about $207,000. Finally, PFG Investments LLC grew its stake in shares of Consolidated Edison by 0.3% during the 2nd quarter. PFG Investments LLC now owns 62,402 shares of the utilities provider’s stock valued at $5,580,000 after acquiring an additional 165 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

NYSE:ED opened at $88.24 on Tuesday. The business’s 50-day moving average is $95.21 and its 200 day moving average is $97.96. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a market capitalization of $30.57 billion, a P/E ratio of 16.62, a P/E/G ratio of 3.11 and a beta of 0.38. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were paid a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.76%. Consolidated Edison’s payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

A number of research firms have commented on ED. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays decreased their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Finally, UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $100.64.

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.