Commerzbank Aktiengesellschaft FI Cuts Holdings in Consolidated Edison Inc $ED

Key Points

• Commerzbank Aktiengesellschaft FI reduced its stake in Consolidated Edison Inc by 13.9% during Q2, now holding 21,070 shares worth approximately $2.1 million.
• Consolidated Edison reported Q2 earnings of $0.67 per share, exceeding estimates, with revenues of $3.60 billion compared to expected $3.39 billion.
• The company announced a quarterly dividend of $0.85 per share, resulting in an annualized yield of 3.3%, with a payout ratio of 61.71%.

Commerzbank Aktiengesellschaft FI cut its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 13.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,070 shares of the utilities provider's stock after selling 3,388 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in Consolidated Edison were worth $2,115,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Callan Family Office LLC boosted its holdings in Consolidated Edison by 218.2% during the second quarter. Callan Family Office LLC now owns 6,529 shares of the utilities provider's stock worth $655,000 after purchasing an additional 4,477 shares during the last quarter. Blair William & Co. IL boosted its stake in Consolidated Edison by 2.6% in the second quarter. Blair William & Co. IL now owns 27,823 shares of the utilities provider's stock valued at $2,792,000 after acquiring an additional 718 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider's stock valued at $32,000 after acquiring an additional 109 shares during the last quarter. US Bancorp DE boosted its stake in Consolidated Edison by 0.6% in the second quarter. US Bancorp DE now owns 57,157 shares of the utilities provider's stock valued at $5,736,000 after acquiring an additional 340 shares during the last quarter. Finally, Armstrong Fleming & Moore Inc purchased a new position in Consolidated Edison in the second quarter valued at about $210,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $102.36 on Friday. The company's 50 day moving average is $99.73 and its 200-day moving average is $103.06. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. 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 firm has a market cap of $36.92 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 2.80 and a beta of 0.32.

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 (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $3.39 billion. During the same quarter 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. Sell-side analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, August 13th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, August 13th. Consolidated Edison's dividend payout ratio is 61.71%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ED shares. Barclays boosted their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. Scotiabank boosted their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research note on Monday, August 11th. Evercore ISI started coverage on shares of Consolidated Edison in a research note on Tuesday. They issued an "in-line" rating and a $106.00 target price on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of Consolidated Edison in a research note on Wednesday. Finally, Mizuho boosted their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $105.75.

About Consolidated Edison

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.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.