Toronto Dominion Bank trimmed its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,169 shares of the utilities provider’s stock after selling 15,583 shares during the quarter. Toronto Dominion Bank owned 0.06% of Consolidated Edison worth $16,845,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FTB Advisors Inc. grew its stake in Consolidated Edison by 220.2% during the 2nd quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 196 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in Consolidated Edison during the 2nd quarter worth $25,000. Coastal Capital Group Inc. acquired a new position in Consolidated Edison during the 2nd quarter worth $26,000. Willingdon Wealth Management acquired a new position in Consolidated Edison during the 1st quarter worth $31,000. Finally, Interactive Financial Advisors acquired a new position in Consolidated Edison during the 1st quarter worth $34,000. 59.67% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on the company. Morgan Stanley lowered their target price on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a research note on Friday, August 16th. KeyCorp started coverage on Consolidated Edison in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Barclays reaffirmed a “hold” rating and set a $90.00 price objective on shares of Consolidated Edison in a research report on Thursday, June 20th. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Credit Suisse Group lowered their price objective on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $84.73.

Shares of NYSE:ED traded down $0.87 on Friday, hitting $89.32. 604,692 shares of the company’s stock were exchanged, compared to its average volume of 1,597,094. The firm’s 50-day moving average is $87.69 and its 200 day moving average is $86.39. The company has a market capitalization of $29.87 billion, a PE ratio of 20.68, a P/E/G ratio of 10.30 and a beta of 0.08. Consolidated Edison, Inc. has a 1-year low of $73.29 and a 1-year high of $91.58. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. During the same period last year, the company earned $0.61 earnings per share. On average, analysts anticipate that Consolidated Edison, Inc. will post 4.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.31%. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

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 3.5 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 1,622 customers in parts of Manhattan.

Further Reading: Neutral Rating

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

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