PNC Financial Services Group Inc. Sells 18,690 Shares of Consolidated Edison, Inc. (NYSE:ED)

PNC Financial Services Group Inc. reduced its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 6.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 281,228 shares of the utilities provider's stock after selling 18,690 shares during the period. PNC Financial Services Group Inc. owned 0.08% of Consolidated Edison worth $29,284,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at $27,000. Beacon Capital Management LLC grew its holdings in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider's stock worth $28,000 after purchasing an additional 300 shares during the period. Ashton Thomas Securities LLC bought a new stake in Consolidated Edison in the third quarter valued at $30,000. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the first quarter valued at about $33,000. Finally, TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison during the 2nd quarter worth about $33,000. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ED has been the subject of a number of research analyst reports. Citigroup raised Consolidated Edison from a "neutral" rating to a "buy" rating and boosted their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Bank of America upped their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. Wells Fargo & Company lifted 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 report on Friday, August 2nd. Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a "neutral" rating in a report on Friday, August 2nd. Finally, Evercore ISI upgraded shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of "Hold" and an average target price of $98.35.

Consolidated Edison Stock Performance

Shares of ED stock opened at $97.88 on Thursday. 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 firm has a market cap of $33.91 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 3.26 and a beta of 0.36. The firm's 50-day simple moving average is $102.23 and its two-hundred day simple moving average is $98.06. 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 announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 8.70% and a net margin of 12.27%. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently announced 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. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.39%. Consolidated Edison's dividend payout ratio is currently 62.52%.

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.