Consolidated Edison Inc $ED Shares Sold by Allstate Corp

Key Points

• Allstate Corp has reduced its holdings in Consolidated Edison Inc by 34.0%, now owning a total of 7,028 shares valued at approximately $777,000.
• Consolidated Edison reported an earnings per share (EPS) of $0.67 for the last quarter, surpassing analysts' expectations and recognizing revenue of $3.60 billion.
• The company announced a quarterly dividend of $0.85 per share, representing a 3.3% dividend yield based on an annualized amount of $3.40.

Allstate Corp reduced its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 34.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,028 shares of the utilities provider's stock after selling 3,615 shares during the period. Allstate Corp's holdings in Consolidated Edison were worth $777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Merit Financial Group LLC lifted its stake in shares of Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after purchasing an additional 1,533 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $227,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Consolidated Edison by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after purchasing an additional 6,869 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $217,000. Finally, GAMMA Investing LLC lifted its stake in shares of Consolidated Edison by 45.0% in the 1st quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after purchasing an additional 2,869 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Morgan Stanley decreased their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Bank of America lowered shares of Consolidated Edison from a "buy" rating to an "underperform" rating and cut their price target for the stock from $112.00 to $101.00 in a report on Friday, August 15th. Scotiabank boosted their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $105.82.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $101.5520 on Monday. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The firm has a market capitalization of $36.62 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 2.83 and a beta of 0.24. The company has a fifty day simple moving average of $101.54 and a 200-day simple moving average of $103.82. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

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

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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