Consolidated Edison Inc $ED Shares Sold by Ieq Capital LLC

Key Points

• Ieq Capital LLC reduced its stake in Consolidated Edison by 14.6%, selling 2,611 shares, which now brings its total holdings to 15,330 shares worth $1.7 million.
• Several institutional investors, including Alpine Bank Wealth Management and Fort Vancouver Investment Management, have also recently acquired new stakes in Consolidated Edison, contributing to institutional ownership of 66.29%.
• Consolidated Edison announced a quarterly dividend of $0.85, with an annualized dividend yield of 3.5%, scheduled for distribution on September 15th, following the August 13th ex-dividend date.

Ieq Capital LLC cut its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 14.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,330 shares of the utilities provider's stock after selling 2,611 shares during the period. Ieq Capital LLC's holdings in Consolidated Edison were worth $1,695,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new stake in shares of Consolidated Edison in the first quarter valued at about $32,000. Fort Vancouver Investment Management LLC purchased a new stake in shares of Consolidated Edison in the first quarter valued at about $33,000. Financial Network Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison in the first quarter valued at about $33,000. Cary Street Partners Investment Advisory LLC raised its holdings in shares of 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 buying an additional 120 shares during the last quarter. Finally, Elite Financial Inc. purchased a new stake in shares of Consolidated Edison in the first quarter valued at about $38,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several analyst reports. Barclays increased their price target on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Scotiabank increased 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. Mizuho increased their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Bank of America cut 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. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Price Performance

ED traded up $0.21 on Friday, hitting $98.01. 1,724,453 shares of the company were exchanged, compared to its average volume of 2,841,150. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The business's fifty day moving average is $101.22 and its 200 day moving average is $103.96. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The firm has a market capitalization of $35.35 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 2.72 and a beta of 0.28.

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

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a $0.85 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. Consolidated Edison's dividend payout ratio is currently 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.