Cadence Bank Has $441,000 Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Cadence Bank reduced its stake in Consolidated Edison, Inc. (NYSE:ED) by 10.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,236 shares of the utilities provider’s stock after selling 496 shares during the quarter. Cadence Bank’s holdings in Consolidated Edison were worth $441,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in shares of Consolidated Edison in the third quarter valued at about $27,000. Beacon Capital Management LLC boosted its holdings in Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $30,000. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison during the second quarter worth approximately $33,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $101.58 on Thursday. The company’s 50 day moving average price is $101.81 and its two-hundred day moving average price is $98.15. The firm has a market capitalization of $35.19 billion, a P/E ratio of 19.13, a P/E/G ratio of 3.34 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Ratings Changes

ED has been the topic of a number of analyst reports. Guggenheim increased their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Scotiabank increased their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays reduced their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.19.

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.