Rockland Trust Co. Has $8.93 Million Holdings in Consolidated Edison Inc $ED

Rockland Trust Co. trimmed its stake in Consolidated Edison Inc (NYSE:ED) by 11.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 88,872 shares of the utilities provider’s stock after selling 11,166 shares during the period. Rockland Trust Co.’s holdings in Consolidated Edison were worth $8,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in ED. Navellier & Associates Inc. lifted its stake in shares of Consolidated Edison by 23.9% in the third quarter. Navellier & Associates Inc. now owns 4,518 shares of the utilities provider’s stock valued at $454,000 after buying an additional 872 shares during the period. Bryce Point Capital LLC acquired a new position in Consolidated Edison in the 3rd quarter valued at approximately $556,000. Prospera Financial Services Inc lifted its position in shares of Consolidated Edison by 1.9% in the 3rd quarter. Prospera Financial Services Inc now owns 8,753 shares of the utilities provider’s stock worth $880,000 after acquiring an additional 160 shares during the period. AlTi Global Inc. grew its holdings in shares of Consolidated Edison by 1.0% during the 3rd quarter. AlTi Global Inc. now owns 20,303 shares of the utilities provider’s stock worth $2,040,000 after purchasing an additional 196 shares in the last quarter. Finally, Profund Advisors LLC increased its position in shares of Consolidated Edison by 4.1% during the third quarter. Profund Advisors LLC now owns 18,856 shares of the utilities provider’s stock valued at $1,895,000 after purchasing an additional 741 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $106.67 on Tuesday. The stock has a market capitalization of $38.50 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 2.93 and a beta of 0.38. The firm’s 50-day moving average price is $101.02 and its two-hundred day moving average price is $100.34. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. Consolidated Edison Inc has a 1-year low of $93.52 and a 1-year high of $114.87.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be given a $0.8875 dividend. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio is presently 59.44%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ED. TD Cowen assumed coverage on Consolidated Edison in a research report on Friday, January 9th. They issued a “hold” rating and a $105.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. UBS Group upped their target price on shares of Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Wells Fargo & Company dropped their price target on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $118.00 price objective on shares of Consolidated Edison in a report on Friday, January 23rd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $104.20.

Insider Buying and Selling

In other news, Director John F. Killian sold 2,276 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the sale, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.