Wesbanco Bank Inc. Sells 300 Shares of Consolidated Edison, Inc. (NYSE:ED)

Wesbanco Bank Inc. reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 3.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 8,107 shares of the utilities provider’s stock after selling 300 shares during the quarter. Wesbanco Bank Inc.’s holdings in Consolidated Edison were worth $723,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ED. Point72 Asset Management L.P. increased its holdings in Consolidated Edison by 1,766.0% in 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 purchasing an additional 935,962 shares during the period. FMR LLC increased its stake in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares during the period. International Assets Investment Management LLC raised its position in shares of Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Consolidated Edison by 350.6% in the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after acquiring an additional 482,953 shares during the period. Finally, State Street Corp boosted its holdings in Consolidated Edison by 1.7% in the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after acquiring an additional 399,034 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED opened at $90.75 on Friday. The company has a market cap of $31.44 billion, a P/E ratio of 17.09, a PEG ratio of 2.97 and a beta of 0.38. The company has a fifty day simple moving average of $93.08 and a 200 day simple moving average of $97.98. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.75%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Scotiabank raised shares of 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 research report on Thursday, December 12th. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Barclays cut their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $100.64.

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.