OneAscent Wealth Management LLC Trims Stake in Consolidated Edison, Inc. (NYSE:ED)

OneAscent Wealth Management LLC reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 11.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,689 shares of the utilities provider’s stock after selling 340 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Consolidated Edison were worth $244,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ED. Legal & General Group Plc raised its position in shares of Consolidated Edison by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after buying an additional 27,850 shares in the last quarter. Morgan Stanley raised its position in shares of Consolidated Edison by 1.8% during the 3rd quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after buying an additional 72,915 shares in the last quarter. Norges Bank purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at $243,511,000. Charles Schwab Investment Management Inc. raised its position in shares of Consolidated Edison by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after buying an additional 47,936 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Consolidated Edison by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,491,266 shares of the utilities provider’s stock valued at $127,548,000 after buying an additional 34,887 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 recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Barclays lifted their target price on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank decreased their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Finally, Morgan Stanley decreased their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $89.27.

Consolidated Edison Price Performance

ED stock opened at $89.42 on Friday. The firm’s 50-day moving average price is $93.56 and its two-hundred day moving average price is $91.13. The stock has a market capitalization of $30.92 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 2.28 and a beta of 0.35. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $98.85.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.83 EPS. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s payout ratio is 63.72%.

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.