Corebridge Financial Inc. Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Corebridge Financial Inc. decreased its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 113,467 shares of the utilities provider’s stock after selling 3,845 shares during the period. Corebridge Financial Inc.’s holdings in Consolidated Edison were worth $10,125,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Private Client Wealth LLC boosted its stake in shares of 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 valued at $243,000 after purchasing an additional 104 shares during the period. Jacobi Capital Management LLC boosted its position in Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock valued at $229,000 after buying an additional 104 shares during the period. Richwood Investment Advisors LLC boosted its position in Consolidated Edison by 2.3% in the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after buying an additional 115 shares during the period. D.A. Davidson & CO. increased its position in shares of Consolidated Edison by 1.1% during 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 during the period. Finally, Townsquare Capital LLC increased its position in shares of Consolidated Edison by 2.4% during 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 during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on ED. Mizuho boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. UBS Group lifted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Barclays boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Finally, Scotiabank lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $102.40.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $107.41 on Thursday. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $109.36. The firm has a market capitalization of $37.25 billion, a P/E ratio of 20.50, a P/E/G ratio of 3.05 and a beta of 0.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company’s fifty day moving average price is $98.95 and its 200 day moving average price is $98.46.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 64.89%.

Consolidated Edison 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.