2,694 Shares in Consolidated Edison Inc $ED Purchased by Evergreen Capital Management LLC

Key Points

• Evergreen Capital Management LLC purchased 2,694 shares of Consolidated Edison Inc, valued at approximately $298,000, as part of their new position in the utility provider.
• In the first quarter, several hedge funds significantly increased their stakes in Consolidated Edison, with Deutsche Bank AG and JPMorgan Chase & Co. raising their holdings by over 130% and 106% respectively.
• Consolidated Edison recently reported an earnings per share (EPS) of $0.67, exceeding expectations, and declared a quarterly dividend of $0.85 per share, representing a 3.5% yield.

Evergreen Capital Management LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,694 shares of the utilities provider's stock, valued at approximately $298,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its stake in shares of Consolidated Edison by 130.6% in the first quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock worth $434,266,000 after acquiring an additional 2,223,959 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Consolidated Edison by 106.9% during the first quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock valued at $308,643,000 after purchasing an additional 1,441,785 shares during the period. Nuveen LLC acquired a new position in shares of Consolidated Edison in the first quarter valued at approximately $146,073,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Consolidated Edison by 215.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,688,480 shares of the utilities provider's stock valued at $186,730,000 after buying an additional 1,152,892 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Consolidated Edison by 15,937.5% in the first quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock worth $113,031,000 after purchasing an additional 1,015,700 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

Shares of ED traded up $0.21 during trading hours on Friday, hitting $98.01. The company had a trading volume of 1,724,453 shares, compared to its average volume of 2,841,150. The firm has a market cap of $35.35 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 2.72 and a beta of 0.28. The business has a fifty day moving average of $101.22 and a 200-day moving average of $103.96. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same period in the prior year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. Consolidated Edison's dividend payout ratio is presently 61.71%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Bank of America lowered shares of Consolidated Edison from a "buy" rating to an "underperform" rating and cut their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Mizuho boosted their price objective on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Barclays upped their price target on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Consolidated Edison currently has an average rating of "Hold" and a consensus price target of $105.82.

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.