Citizens Financial Group Inc. RI Cuts Stake in Consolidated Edison, Inc. (NYSE:ED)

Citizens Financial Group Inc. RI decreased its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 44.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,947 shares of the utilities provider's stock after selling 6,406 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Consolidated Edison were worth $828,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ED. Darwin Wealth Management LLC purchased a new position in shares of Consolidated Edison in the third quarter valued at approximately $71,000. Commerce Bank lifted its holdings in Consolidated Edison by 1.6% during the 3rd quarter. Commerce Bank now owns 38,669 shares of the utilities provider's stock worth $4,027,000 after buying an additional 615 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in Consolidated Edison in the 3rd quarter valued at approximately $70,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Consolidated Edison in the third quarter worth $2,462,000. Finally, Guardian Wealth Advisors LLC increased its position in shares of Consolidated Edison by 2.7% during the third quarter. Guardian Wealth Advisors LLC now owns 6,342 shares of the utilities provider's stock worth $660,000 after acquiring an additional 165 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded down $0.34 on Friday, hitting $98.36. The stock had a trading volume of 1,185,988 shares, compared to its average volume of 2,242,530. The company's 50 day moving average price is $102.01 and its 200 day moving average price is $98.08. The stock has a market cap of $34.07 billion, a price-to-earnings ratio of 18.52, a P/E/G ratio of 3.32 and a beta of 0.36. 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, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.

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

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. Consolidated Edison's payout ratio is 62.52%.

Wall Street Analyst Weigh In

Several research firms recently commented on ED. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Guggenheim boosted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, August 2nd. 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 report on Tuesday, October 15th. Evercore ISI upgraded shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. Finally, Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison currently has an average rating of "Hold" and an average price target of $98.19.

Consolidated Edison Company Profile

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.