Albion Financial Group UT Has $4.50 Million Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Albion Financial Group UT lessened its position in Consolidated Edison, Inc. (NYSE:ED) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,592 shares of the utilities provider’s stock after selling 158 shares during the quarter. Albion Financial Group UT’s holdings in Consolidated Edison were worth $4,503,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $243,511,000. International Assets Investment Management LLC increased its position in shares of Consolidated Edison by 9,063.6% during the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Consolidated Edison by 408.8% during the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock worth $36,101,000 after purchasing an additional 318,858 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in shares of Consolidated Edison by 56.1% during the 4th quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock worth $63,927,000 after acquiring an additional 252,617 shares during the last quarter. Finally, AMF Tjanstepension AB acquired a new position in shares of Consolidated Edison during the 1st quarter worth approximately $13,193,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE:ED traded down $0.26 during trading on Wednesday, reaching $88.71. 922,354 shares of the company traded hands, compared to its average volume of 1,912,795. The company’s 50 day moving average is $93.40 and its two-hundred day moving average is $91.08. The firm has a market capitalization of $30.68 billion, a PE ratio of 17.17, a PEG ratio of 2.27 and a beta of 0.34. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $98.85.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the firm earned $1.83 EPS. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.74%. Consolidated Edison’s payout ratio is presently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Scotiabank decreased their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Barclays boosted their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Finally, Wells Fargo & Company boosted their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $89.27.

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.