Assenagon Asset Management S.A. Purchases 346,748 Shares of Consolidated Edison Inc $ED

Key Points

• Assenagon Asset Management S.A. increased its holdings in Consolidated Edison Inc by 54.6%, owning a total of 981,465 shares valued at approximately $98.49 million as per its latest SEC filing.
• Consolidated Edison reported $0.67 EPS in its recent earnings, beating analyst expectations of $0.66, and had revenue of $3.60 billion for the quarter.
• The company declared a quarterly dividend of $0.85 per share, representing an annualized dividend of $3.40 and a dividend yield of 3.5%.

Assenagon Asset Management S.A. grew its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 54.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 981,465 shares of the utilities provider's stock after acquiring an additional 346,748 shares during the period. Assenagon Asset Management S.A. owned 0.27% of Consolidated Edison worth $98,490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ED. ATLAS Infrastructure Partners UK Ltd. bought a new position in shares of Consolidated Edison in the first quarter worth about $254,205,000. 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. raised its stake in shares of Consolidated Edison by 106.9% in the first quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock worth $308,643,000 after acquiring an additional 1,441,785 shares during the last quarter. Nuveen LLC bought a new position in shares of Consolidated Edison in the first quarter worth about $146,073,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Consolidated Edison by 215.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,688,480 shares of the utilities provider's stock worth $186,730,000 after buying an additional 1,152,892 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

Shares of ED traded up $1.54 during mid-day trading on Tuesday, reaching $98.16. The company had a trading volume of 793,741 shares, compared to its average volume of 2,704,134. The company's 50 day simple moving average is $100.44 and its 200 day simple moving average is $103.69. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The company has a market capitalization of $35.40 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 2.68 and a beta of 0.28.

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, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the company posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on ED shares. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Mizuho upped 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. Barclays upped their price target on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a report on Wednesday, August 13th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the company from $112.00 to $101.00 in a report on Friday, August 15th. Finally, KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of "Hold" and a consensus price target of $105.82.

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.