Consolidated Edison Inc $ED Stake Boosted by Ascent Group LLC

Key Points

• Ascent Group LLC increased its stake in Consolidated Edison Inc by 107.6%, acquiring 3,029 additional shares during the second quarter, bringing its total holdings to 5,844 shares valued at $586,000.
• Analysts have varying ratings for Consolidated Edison, with four giving a Buy rating, six a Hold rating, and three a Sell rating, reflecting a current average target price of $105.92.
• Consolidated Edison reported a $0.67 EPS for the quarter, exceeding expectations, and declared a quarterly dividend of $0.85 per share, yielding 3.4% annually.

Ascent Group LLC boosted its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 107.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,844 shares of the utilities provider's stock after buying an additional 3,029 shares during the period. Ascent Group LLC's holdings in Consolidated Edison were worth $586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ritholtz Wealth Management acquired a new stake in shares of Consolidated Edison during the first quarter valued at approximately $227,000. Wealth Enhancement Advisory Services LLC raised its stake in Consolidated Edison by 2.8% during 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 purchased a new stake in shares of Consolidated Edison in the first quarter valued at $217,000. AG2R LA Mondiale Gestion D Actifs acquired a new stake in shares of Consolidated Edison in the first quarter worth $1,631,000. Finally, GAMMA Investing LLC boosted its position in shares of 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 buying an additional 2,869 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the topic of several recent analyst reports. Barclays upped their price target on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. 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 research report on Friday, August 8th. Weiss Ratings restated a "buy (b-)" rating on shares of Consolidated Edison in a report on Saturday, September 27th. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Finally, Morgan Stanley decreased their target price on shares of Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating for the company in a research note on Thursday, September 25th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $105.92.

Consolidated Edison Price Performance

NYSE ED opened at $99.28 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $35.81 billion, a PE ratio of 18.02, a price-to-earnings-growth ratio of 2.75 and a beta of 0.32. The company has a 50 day moving average price of $99.91 and a two-hundred day moving average price of $103.17. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS 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 quarter in the prior year, the business posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, equities analysts predict 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. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. 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.

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