Bangor Savings Bank Decreases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Bangor Savings Bank lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 69.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,645 shares of the utilities provider’s stock after selling 8,188 shares during the period. Bangor Savings Bank’s holdings in Consolidated Edison were worth $403,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Jacobi Capital Management LLC boosted its holdings in Consolidated Edison by 4.2% during the fourth quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after buying an additional 104 shares in the last quarter. Glen Eagle Advisors LLC boosted its holdings in Consolidated Edison by 6.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider’s stock worth $170,000 after buying an additional 111 shares in the last quarter. Richwood Investment Advisors LLC lifted its holdings in shares of Consolidated Edison by 2.3% in the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after purchasing an additional 115 shares in the last quarter. Penobscot Investment Management Company Inc. lifted its holdings in shares of Consolidated Edison by 5.7% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock valued at $205,000 after purchasing an additional 125 shares in the last quarter. Finally, TrinityPoint Wealth LLC lifted its holdings in shares of Consolidated Edison by 1.1% in the fourth quarter. TrinityPoint Wealth LLC now owns 11,395 shares of the utilities provider’s stock valued at $1,017,000 after purchasing an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group upped their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Scotiabank upped their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. KeyCorp downgraded shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price target on the stock. in a report on Wednesday, May 14th. Barclays upped their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Finally, Morgan Stanley reduced their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating on the stock in a report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $104.27.

Consolidated Edison Stock Performance

NYSE:ED opened at $101.57 on Monday. 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 company has a market cap of $36.59 billion, a P/E ratio of 19.38, a P/E/G ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The firm’s 50 day moving average is $107.33 and its two-hundred day moving average is $100.42.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same period in the prior year, the business earned $2.15 EPS. Analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison’s payout ratio is currently 62.85%.

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.