Bank of America Corp DE Buys Shares of 1,347,466 Consolidated Edison Inc $ED

Key Points

• Bank of America acquired 1.35 million shares of Consolidated Edison during the second quarter, valued at approximately $149.1 million, while institutional investors collectively owned 66.29% of the company.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $108.93; ratings include three Buys, six Holds, and six Sells.
• Consolidated Edison exceeded quarterly earnings and revenue expectations, reporting $0.83 EPS and $4.07 billion in revenue. The company also maintains a quarterly dividend of $0.8875 per share, equivalent to a 3.3% annualized yield.

Bank of America Corp DE bought a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,347,466 shares of the utilities provider's stock, valued at approximately $149,070,000. Bank of America Corp DE owned approximately 0.36% of Consolidated Edison at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Consolidated Edison during the 2nd quarter valued at about $4,609,491,000. Lazard Asset Management LLC lifted its holdings in shares of Consolidated Edison by 14.8% in the first quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider's stock worth $800,843,000 after buying an additional 910,244 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Consolidated Edison in the second quarter worth about $749,184,000. Norges Bank bought a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $489,806,000. Finally, Legal & General Group Plc bought a new position in shares of Consolidated Edison in the second quarter valued at approximately $494,352,000. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on ED shares. Argus set a $112.00 target price on shares of Consolidated Edison in a report on Tuesday, June 23rd. KeyCorp cut their price target on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating for the company in a report on Thursday, July 23rd. Evercore restated a "positive" rating and set a $112.00 price target on shares of Consolidated Edison in a research report on Monday, August 17th. Mizuho set a $114.00 price target on shares of Consolidated Edison in a report on Monday, July 27th. Finally, Barclays lowered their price objective on Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating on the stock in a research report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $108.93.

Consolidated Edison Trading Up 1.7%

Shares of ED stock opened at $107.16 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $108.80 and a two-hundred day moving average price of $109.47. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The firm has a market cap of $39.63 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 3.65 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.07. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.The firm had revenue of $4.07 billion during the quarter, compared to analysts' expectations of $3.60 billion. During the same period in the prior year, the business earned $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Equities analysts anticipate that Consolidated Edison Inc will post 6.1 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th were issued a dividend of $0.8875 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is currently 58.29%.

Consolidated Edison Profile

Consolidated Edison, Inc is an energy delivery holding company headquartered in New York. Through its principal subsidiary, Consolidated Edison Company of New York, Inc, the company provides electric, natural gas and steam service to customers in New York City and Westchester County, New York.

Con Edison also operates Orange and Rockland Utilities, Inc, which supplies electric and natural gas service in parts of southeastern New York and northern New Jersey. Its utility operations include the generation, transmission and distribution of energy, as well as the maintenance of the infrastructure required to serve residential, commercial and industrial customers.

The company traces its roots to energy businesses that began operating in New York during the 19th century and adopted the Consolidated Edison name in the 1930s.

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