Chevy Chase Trust Holdings LLC Purchases 8,603 Shares of Consolidated Edison Inc $ED

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Consolidated Edison Inc by 4.7%, now owning 191,574 shares worth approximately $19.2 million after acquiring an additional 8,603 shares in the second quarter.
• Analysts have mixed views on Consolidated Edison, with three giving a buy rating, five a hold, and four a sell, setting an average target price of $105.92.
• The company announced a quarterly dividend of $0.85, resulting in an annualized dividend yield of 3.4%, with the ex-dividend date set for November 19.

Chevy Chase Trust Holdings LLC grew its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 4.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 191,574 shares of the utilities provider's stock after purchasing an additional 8,603 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Consolidated Edison worth $19,224,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Stratos Wealth Partners LTD. increased its position in shares of Consolidated Edison by 115.4% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 23,807 shares of the utilities provider's stock valued at $2,389,000 after purchasing an additional 12,754 shares during the last quarter. Riverbend Wealth Management LLC bought a new position in shares of Consolidated Edison during the 2nd quarter valued at about $201,000. Nordea Investment Management AB increased its position in shares of Consolidated Edison by 11.4% during the 2nd quarter. Nordea Investment Management AB now owns 19,850 shares of the utilities provider's stock valued at $1,973,000 after purchasing an additional 2,027 shares during the last quarter. Harbor Asset Planning Inc. bought a new position in shares of Consolidated Edison during the 2nd quarter valued at about $222,000. Finally, Aware Super Pty Ltd as trustee of Aware Super increased its position in shares of Consolidated Edison by 10.2% during the 2nd quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 34,338 shares of the utilities provider's stock valued at $3,446,000 after purchasing an additional 3,169 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on ED shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Consolidated Edison in a research report on Wednesday, October 8th. Evercore ISI initiated coverage on Consolidated Edison in a report on Tuesday, October 7th. They set an "in-line" rating and a $106.00 target price for the company. Morgan Stanley dropped their target price on Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, September 25th. New Street Research set a $106.00 target price on Consolidated Edison in a report on Monday, October 6th. Finally, Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their target price for the company from $112.00 to $101.00 in a report on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, Consolidated Edison presently has an average rating of "Reduce" and a consensus target price of $105.92.

Consolidated Edison Trading Up 0.1%

NYSE ED opened at $101.14 on Friday. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week 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 stock has a 50 day simple moving average of $99.41 and a two-hundred day simple moving average of $102.76. The stock has a market cap of $36.48 billion, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 2.82 and a beta of 0.32.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data 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. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter last year, the business posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.4%. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.

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.

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