Consolidated Edison Inc $ED Shares Sold by IFP Advisors Inc

Key Points

• IFP Advisors Inc has significantly decreased its holdings in Consolidated Edison Inc by 58.8%, owning 5,164 shares after selling 7,367 shares in the second quarter.
• Consolidated Edison reported earnings of $0.67 per share for the quarter, surpassing analysts' expectations, along with revenues of $3.60 billion.
• The company declared a quarterly dividend of $0.85 per share, representing an annual yield of 3.3%, with a payout ratio of 61.71%.

IFP Advisors Inc decreased its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 58.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,164 shares of the utilities provider's stock after selling 7,367 shares during the quarter. IFP Advisors Inc's holdings in Consolidated Edison were worth $537,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ritholtz Wealth Management acquired a new position in shares of Consolidated Edison during the first quarter valued at $227,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after purchasing an additional 6,869 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in Consolidated Edison in the first quarter worth about $217,000. AG2R LA Mondiale Gestion D Actifs acquired a new stake in Consolidated Edison in the first quarter worth about $1,631,000. Finally, GAMMA Investing LLC lifted its holdings in Consolidated Edison by 45.0% in the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock worth $1,022,000 after purchasing an additional 2,869 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $101.95 on Wednesday. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $36.77 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 2.80 and a beta of 0.32. The firm has a 50-day moving average of $99.60 and a two-hundred day moving average of $102.94.

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

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.3%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's payout ratio is presently 61.71%.

Analyst Ratings Changes

Several research firms recently weighed in on ED. Scotiabank upped their price objective 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. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, September 25th. Evercore ISI began coverage on shares of Consolidated Edison in a report on Tuesday, October 7th. They issued an "in-line" rating and a $106.00 price objective for the company. Barclays upped their price objective 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. Finally, Mizuho upped their price objective 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. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Consolidated Edison has an average rating of "Hold" and an average target price of $105.75.

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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