Bank of Nova Scotia Invests $7.88 Million in Consolidated Edison Inc $ED

Key Points

• Bank of Nova Scotia acquired 71,219 shares of Consolidated Edison in the second quarter, valued at approximately $7.88 million. Institutional investors and hedge funds collectively own 66.29% of the company.
• Con Edison reported quarterly earnings of $0.83 per share, beating estimates of $0.76, while revenue reached $4.07 billion. The company also declared a quarterly dividend of $0.8875 per share, representing a 3.3% annualized yield.
• Analyst sentiment remains cautious, with the stock receiving an average “Reduce” rating and an average price target of $108.93. Shares recently traded at $107.73, despite a 1.3% increase.

Bank of Nova Scotia acquired a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 71,219 shares of the utilities provider's stock, valued at approximately $7,879,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Compass Financial Management LLC acquired a new stake in shares of Consolidated Edison during the 2nd quarter valued at about $58,000. Elevation Point Wealth Partners LLC bought a new position in Consolidated Edison during the second quarter valued at approximately $647,000. Greenland Capital Management LP bought a new position in Consolidated Edison during the second quarter valued at approximately $10,504,000. Daiichi Life Insurance Co. Ltd. acquired a new stake in Consolidated Edison in the second quarter valued at approximately $7,830,000. Finally, Commerce Bank bought a new stake in Consolidated Edison in the second quarter worth approximately $4,626,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Trading Up 1.3%

Shares of NYSE:ED opened at $107.73 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27. The stock's 50-day moving average is $109.96 and its 200-day moving average is $109.92. The company has a market cap of $39.84 billion, a P/E ratio of 17.69, a P/E/G ratio of 2.76 and a beta of 0.27. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $116.23.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $3.60 billion. During the same quarter in the prior year, the company earned $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Equities research analysts predict that Consolidated Edison Inc will post 6.09 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison's dividend payout ratio is presently 58.29%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent research reports. KeyCorp cut their price target on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating on the stock in a report on Thursday, July 23rd. Morgan Stanley lowered their target price on shares of Consolidated Edison from $105.00 to $101.00 and set an "underweight" rating on the stock in a research report on Friday. Mizuho set a $114.00 target price on Consolidated Edison in a report on Monday, July 27th. Barclays reduced their price target on Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $108.93.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

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