Ascent Group LLC Acquires New Shares in Consolidated Edison Inc $ED

Key Points

• Ascent Group LLC has acquired 2,815 shares of Consolidated Edison Inc, valued at approximately $311,000, marking a new investment in the utilities provider.
• Consolidated Edison has recently declared a quarterly dividend of $0.85 to be paid on September 15th, representing a 3.5% yield based on an annual payout of $3.40.
• Analysts have mixed views on Consolidated Edison, with three holding a Buy rating while others have issued Hold and Sell ratings, leading to a consensus price target of $105.82.

Ascent Group LLC acquired a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 2,815 shares of the utilities provider's stock, valued at approximately $311,000.

A number of other hedge funds have also bought and sold shares of the business. Glen Eagle Advisors LLC grew its stake in Consolidated Edison by 6.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after buying an additional 111 shares in the last quarter. Western Wealth Management LLC boosted its holdings in Consolidated Edison by 0.7% in the 1st quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock valued at $1,781,000 after purchasing an additional 116 shares during the period. Eastern Bank boosted its holdings in Consolidated Edison by 2.9% in the 1st quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock valued at $475,000 after purchasing an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC boosted its holdings 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 valued at $34,000 after purchasing an additional 120 shares during the period. Finally, Integrated Advisors Network LLC boosted its holdings in Consolidated Edison by 1.6% in the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after purchasing an additional 121 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $97.71 on Friday. 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 company has a market capitalization of $35.24 billion, a PE ratio of 17.73, a P/E/G ratio of 2.70 and a beta of 0.28. The firm has a fifty day simple moving average of $100.97 and a two-hundred day simple moving average of $103.90. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate 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 posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Research analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

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

Analyst Ratings Changes

Several brokerages have commented on ED. Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and cut their price target for the company from $112.00 to $101.00 in a report on Friday, August 15th. Mizuho raised their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Scotiabank raised their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Barclays lifted their price objective on shares of 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 issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $105.82.

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.

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