Everence Capital Management Inc. Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Everence Capital Management Inc. lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 59.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,621 shares of the utilities provider's stock after selling 15,290 shares during the period. Everence Capital Management Inc.'s holdings in Consolidated Edison were worth $948,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ED. Point72 Asset Management L.P. increased its holdings in shares of Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider's stock valued at $102,980,000 after acquiring an additional 935,962 shares in the last quarter. Clean Energy Transition LLP increased its stake in Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider's stock valued at $80,259,000 after purchasing an additional 623,787 shares in the last quarter. FMR LLC raised its holdings in Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider's stock worth $132,081,000 after buying an additional 572,530 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Consolidated Edison by 10,262.1% in the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider's stock worth $57,641,000 after buying an additional 548,204 shares in the last quarter. Finally, Acadian Asset Management LLC lifted 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 in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ED shares. Evercore ISI raised shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 8th. Jefferies Financial Group began coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a "hold" rating and a $108.00 target price for the company. Scotiabank raised Consolidated Edison from a "sector underperform" rating to a "sector perform" rating and upped their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays reduced their price objective on Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating for the company in a report on Friday, November 8th. Finally, UBS Group upped their target price 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $100.64.

Consolidated Edison Stock Performance

Shares of ED traded up $0.21 on Friday, reaching $89.24. The company's stock had a trading volume of 1,954,054 shares, compared to its average volume of 1,755,977. The stock's 50 day simple moving average is $95.54 and its two-hundred day simple moving average is $97.92. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market capitalization of $30.91 billion, a P/E ratio of 16.81, a PEG ratio of 3.11 and a beta of 0.38. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results 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. The business had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison's payout ratio is 62.52%.

Consolidated Edison 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.