Consolidated Edison Inc $ED Shares Acquired by Golden State Equity Partners

Key Points

• Golden State Equity Partners boosted its stake in Consolidated Edison by 77.2% during Q2, acquiring an additional 3,966 shares, bringing their total holdings to $914,000.
• Consolidated Edison reported an EPS of $0.67 for the last quarter, exceeding expectations, with a revenue of $3.60 billion, surpassing analysts' forecasts.
• The company declared a quarterly dividend of $0.85 per share, resulting in an annualized dividend yield of 3.5% with a payout ratio of 61.71%.

Golden State Equity Partners lifted its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 77.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,106 shares of the utilities provider's stock after buying an additional 3,966 shares during the quarter. Golden State Equity Partners' holdings in Consolidated Edison were worth $914,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ED. Alpine Bank Wealth Management acquired a new position in Consolidated Edison in the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in Consolidated Edison in the first quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC acquired a new position in Consolidated Edison in the first quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC boosted its holdings in Consolidated Edison by 64.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 120 shares in the last quarter. Finally, Wood Tarver Financial Group LLC acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $35,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

ED stock opened at $96.62 on Tuesday. The company has a market capitalization of $34.85 billion, a P/E ratio of 17.54, a PEG ratio of 2.68 and a beta of 0.28. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The business has a 50 day simple moving average of $100.44 and a 200-day simple moving average of $103.69. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS 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 in the prior year, the business earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ED. Scotiabank upped their price target on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Barclays upped their price target on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a report on Wednesday, August 13th. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Bank of America downgraded Consolidated Edison from a "buy" rating to an "underperform" rating and decreased their price objective 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, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.82.

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.

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