Cresset Asset Management LLC Sells 3,306 Shares of Consolidated Edison Inc $ED

Key Points

• Cresset Asset Management LLC reduced its stake in Consolidated Edison Inc by 4.3%, now holding 73,295 shares valued at $8.1 million, as reported in a recent SEC filing.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, set to be paid on September 15th, with an annual yield of 3.4%.
• The company's last quarterly earnings surpassed expectations, reporting an EPS of $0.67 against a consensus estimate of $0.66, along with a revenue of $3.6 billion.

Cresset Asset Management LLC lessened its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 4.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 73,295 shares of the utilities provider's stock after selling 3,306 shares during the period. Cresset Asset Management LLC's holdings in Consolidated Edison were worth $8,106,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison during the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison in the first quarter worth $33,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the 1st quarter valued at $33,000. Cary Street Partners Investment Advisory LLC lifted its position in shares of Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after buying an additional 120 shares during the last quarter. Finally, Elite Financial Inc. purchased a new position in shares of Consolidated Edison during the 1st quarter valued at $38,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ED shares. Mizuho increased their price objective on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Scotiabank increased their price objective on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. Guggenheim increased their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Barclays increased their price objective on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Finally, Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.0520 on Friday, hitting $101.5520. The company's stock had a trading volume of 2,753,050 shares, compared to its average volume of 2,467,860. The company has a 50-day simple moving average of $101.54 and a 200 day simple moving average of $103.71. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a market capitalization of $36.62 billion, a PE ratio of 18.43, a PEG ratio of 2.82 and a beta of 0.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating 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 firm had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter last year, the firm posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is presently 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.