Alliancebernstein L.P. increased its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 13.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 521,074 shares of the utilities provider's stock after acquiring an additional 61,830 shares during the quarter. Alliancebernstein L.P. owned about 0.14% of Consolidated Edison worth $57,626,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new stake in shares of Consolidated Edison in the first quarter worth $32,000. Fort Vancouver Investment Management LLC purchased a new stake in Consolidated Edison in the 1st quarter worth $33,000. Financial Network Wealth Advisors LLC purchased a new stake in Consolidated Edison in the 1st quarter worth $33,000. Cary Street Partners Investment Advisory LLC increased its stake in Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after buying an additional 120 shares in the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $35,000. 66.29% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Trading Up 0.0%
ED traded up $0.03 during trading hours on Friday, reaching $97.73. 321,030 shares of the company's stock traded hands, compared to its average volume of 2,727,339. The firm has a 50-day moving average price of $100.97 and a 200 day moving average price of $103.90. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week 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. The firm has a market capitalization of $35.25 billion, a PE ratio of 17.73, a PEG ratio of 2.70 and a beta of 0.28.
Consolidated Edison (NYSE:ED - Get Free Report) last issued its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The firm had revenue of $3.60 billion during 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 previous year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, sell-side analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.
Consolidated Edison Announces Dividend
The firm also recently declared 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. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is presently 61.71%.
Analysts Set New Price Targets
Several research firms recently issued reports on ED. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Scotiabank lifted their price objective on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research note on Monday, August 11th. Finally, Barclays lifted their target price on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $105.82.
Check Out Our Latest Analysis on Consolidated Edison
About Consolidated Edison
(
Free Report)
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.
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