Sumitomo Mitsui Trust Group Inc. Has $100.51 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

Sumitomo Mitsui Trust Group Inc. reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 4.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 965,203 shares of the utilities provider’s stock after selling 43,391 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Consolidated Edison were worth $100,507,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in Consolidated Edison in the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at approximately $30,000. Beacon Capital Management LLC grew its holdings in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of Consolidated Edison during the 1st quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at approximately $33,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ED. Guggenheim lifted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. 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 report on Friday, August 2nd. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Morgan Stanley lifted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Finally, Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Stock Down 0.8 %

Shares of NYSE ED opened at $95.41 on Thursday. The company has a market capitalization of $33.05 billion, a P/E ratio of 17.94, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. 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 company’s 50 day moving average price is $103.16 and its 200-day moving average price is $98.02.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Equities analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given 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 3.48%. Consolidated Edison’s dividend payout ratio (DPR) 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.