Comerica Bank reduced its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 14.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 99,117 shares of the utilities provider’s stock after selling 16,573 shares during the period. Comerica Bank’s holdings in Consolidated Edison were worth $7,562,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Itau Unibanco Holding S.A. lifted its stake in shares of Consolidated Edison by 385.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock worth $112,000 after acquiring an additional 1,145 shares during the last quarter. Peak Capital Management LLC bought a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $114,000. First Mercantile Trust Co. bought a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $123,000. ELM Advisors LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $133,000. Finally, Howe & Rusling Inc. lifted its stake in shares of Consolidated Edison by 58.4% during the 2nd quarter. Howe & Rusling Inc. now owns 1,804 shares of the utilities provider’s stock worth $141,000 after acquiring an additional 665 shares during the last quarter. 58.60% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE ED opened at $79.00 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.62 and a quick ratio of 0.56. The firm has a market cap of $24.34 billion and a price-to-earnings ratio of 18.01. Consolidated Edison, Inc. has a twelve month low of $71.12 and a twelve month high of $89.70.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.11. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.17 billion. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. During the same period in the previous year, the company posted $1.47 EPS. Research analysts expect that Consolidated Edison, Inc. will post 4.28 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be given a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Tuesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.93%.

ED has been the subject of a number of research analyst reports. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research note on Wednesday, September 12th. Bank of America raised their price target on Consolidated Edison from $84.50 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Morgan Stanley decreased their target price on Consolidated Edison from $81.00 to $77.00 and set a “sell” rating for the company in a research report on Friday, September 21st. ValuEngine lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Finally, UBS Group lifted their target price on Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, September 21st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $77.18.

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Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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