Consolidated Edison Inc $ED Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Consolidated Edison stake by 4.0% in the fourth quarter, selling 90,779 shares and ending with about 2.2 million shares valued at roughly $218.3 million.
• Consolidated Edison reported first-quarter earnings of $2.18 per share, missing Wall Street estimates of $2.28, while revenue of $5.10 billion also came in below expectations.
• The company declared a quarterly dividend of $0.8875 per share, implying an annualized yield of about 3.3%; analysts currently have a mixed view, with an average rating of “Reduce” and a target price of $107.79.

Bank of New York Mellon Corp cut its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 4.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,198,139 shares of the utilities provider's stock after selling 90,779 shares during the period. Bank of New York Mellon Corp owned approximately 0.61% of Consolidated Edison worth $218,319,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ED. Goldman Sachs Group Inc. raised its position in shares of Consolidated Edison by 24.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,813,360 shares of the utilities provider's stock valued at $279,423,000 after acquiring an additional 556,491 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC raised its position in shares of Consolidated Edison by 201.7% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 508,222 shares of the utilities provider's stock valued at $50,477,000 after acquiring an additional 339,790 shares in the last quarter. BW Gestao de Investimentos Ltda. acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at approximately $17,983,000. COFG Advisors LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at approximately $548,000. Finally, New Mexico Educational Retirement Board raised its position in shares of Consolidated Edison by 2.5% during the 4th quarter. New Mexico Educational Retirement Board now owns 16,702 shares of the utilities provider's stock valued at $1,659,000 after acquiring an additional 400 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 2.1%

Shares of Consolidated Edison stock opened at $106.31 on Friday. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $116.23. The stock has a 50-day moving average price of $109.20 and a 200 day moving average price of $106.24. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The company has a market cap of $39.18 billion, a P/E ratio of 17.90, a P/E/G ratio of 2.64 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The utilities provider reported $2.18 earnings per share for the quarter, missing analysts' consensus estimates of $2.28 by ($0.10). The company had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.22 billion. Consolidated Edison had a net margin of 12.52% and a return on equity of 8.33%. During the same period in the previous year, the business posted $2.26 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, analysts expect that Consolidated Edison Inc will post 6.09 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th will be given a $0.8875 dividend. The ex-dividend date is Wednesday, May 13th. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison's payout ratio is presently 59.76%.

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, SVP Deneen L. Donnley sold 1,922 shares of Consolidated Edison stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $113.94, for a total value of $218,992.68. Following the completion of the transaction, the senior vice president owned 32,453 shares in the company, valued at approximately $3,697,694.82. The trade was a 5.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.15% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. The Goldman Sachs Group restated a "sell" rating and set a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. KeyCorp upped their price objective on Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, April 24th. TD Cowen upped their price objective on Consolidated Edison from $105.00 to $112.00 and gave the stock a "hold" rating in a research note on Tuesday, February 24th. Finally, Mizuho restated a "neutral" rating and set a $105.00 price objective on shares of Consolidated Edison in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $107.79.

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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