Wilbanks Smith & Thomas Asset Management LLC Lowers Stake in Consolidated Edison, Inc. (NYSE:ED)

Wilbanks Smith & Thomas Asset Management LLC lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 8.0% in the 4th quarter, Holdings Channel reports. The firm owned 4,950 shares of the utilities provider’s stock after selling 430 shares during the period. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Consolidated Edison were worth $450,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. increased its stake in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Bruce G. Allen Investments LLC purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $31,000. CVA Family Office LLC purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $32,000. Finally, Venturi Wealth Management LLC boosted its position in Consolidated Edison by 62.2% in the 3rd quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after buying an additional 183 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED stock opened at $95.56 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a PEG ratio of 8.97 and a beta of 0.34. The business has a 50 day simple moving average of $90.06 and a 200-day simple moving average of $90.08. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. Consolidated Edison’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, equities analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analysts Forecast Growth

ED has been the subject of several recent research reports. UBS Group decreased their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Wells Fargo & Company upped their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. Royal Bank of Canada dropped their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Finally, Barclays increased their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Four 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $87.75.

Consolidated Edison Company 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.