Plimoth Trust Co. LLC Sells 195 Shares of Consolidated Edison, Inc. (NYSE:ED)

Plimoth Trust Co. LLC trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,061 shares of the utilities provider’s stock after selling 195 shares during the period. Plimoth Trust Co. LLC’s holdings in Consolidated Edison were worth $1,076,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. TD Private Client Wealth LLC grew its position in Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after acquiring an additional 104 shares in the last quarter. D.A. Davidson & CO. grew its position in Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after acquiring an additional 124 shares in the last quarter. Townsquare Capital LLC grew its position in Consolidated Edison by 2.4% in the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock worth $580,000 after acquiring an additional 130 shares in the last quarter. Brookstone Capital Management grew its position in Consolidated Edison by 0.6% in the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock worth $2,517,000 after acquiring an additional 136 shares in the last quarter. Finally, Cooper Financial Group grew its position in Consolidated Edison by 5.1% in the fourth quarter. Cooper Financial Group now owns 2,799 shares of the utilities provider’s stock worth $250,000 after acquiring an additional 136 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price objective for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Finally, Barclays decreased their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $100.00.

Consolidated Edison Stock Performance

ED traded up $0.01 during trading on Wednesday, reaching $93.40. 146,949 shares of the company’s stock were exchanged, compared to its average volume of 2,185,122. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The business has a 50 day moving average price of $92.78 and a 200 day moving average price of $98.10. The company has a market capitalization of $32.35 billion, a P/E ratio of 17.60, a PEG ratio of 2.89 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last issued 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 company had revenue of $4.09 billion during 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, analysts predict that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.64%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

About Consolidated Edison

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.