Jacobi Capital Management LLC Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Jacobi Capital Management LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 15.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,778 shares of the utilities provider’s stock after selling 525 shares during the period. Jacobi Capital Management LLC’s holdings in Consolidated Edison were worth $252,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ED. BKM Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at $59,000. SG Americas Securities LLC grew its stake in shares of Consolidated Edison by 139.5% during the 4th quarter. SG Americas Securities LLC now owns 65,751 shares of the utilities provider’s stock valued at $5,981,000 after purchasing an additional 38,292 shares during the period. Mutual Advisors LLC grew its stake in shares of Consolidated Edison by 4.3% during the 4th quarter. Mutual Advisors LLC now owns 4,737 shares of the utilities provider’s stock valued at $431,000 after purchasing an additional 195 shares during the period. HB Wealth Management LLC grew its stake in shares of Consolidated Edison by 72.6% during the 4th quarter. HB Wealth Management LLC now owns 7,484 shares of the utilities provider’s stock valued at $681,000 after purchasing an additional 3,147 shares during the period. Finally, Rosenberg Matthew Hamilton grew its stake in shares of Consolidated Edison by 10.6% during the 4th quarter. Rosenberg Matthew Hamilton now owns 1,898 shares of the utilities provider’s stock valued at $173,000 after purchasing an additional 182 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ED has been the subject of a number of recent research reports. Morgan Stanley cut their price target on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. UBS Group boosted their price target on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday. 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. Scotiabank cut their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Finally, Mizuho lifted their price objective on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $89.04.

Consolidated Edison Price Performance

NYSE ED traded down $0.57 during trading hours on Tuesday, reaching $94.07. The company’s stock had a trading volume of 140,817 shares, compared to its average volume of 1,869,153. The firm’s 50-day moving average price is $92.14 and its 200-day moving average price is $91.13. 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 1 year low of $80.46 and a 1 year high of $98.85. The company has a market capitalization of $32.53 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.39 and a beta of 0.34.

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 for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the firm earned $1.83 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.53%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.