Consolidated Edison Inc $ED Stake Lifted by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Consolidated Edison during the fourth quarter, adding 13,428 shares to reach 26,584 shares valued at about $2.64 million. Several other institutional investors also increased or initiated positions, and institutions now own 66.29% of the stock.
• Analysts remain mixed on ED: several firms recently adjusted price targets upward, but the stock still carries an average rating of "Reduce" with a consensus price target of $108.71. The company has three Buy ratings, six Hold ratings, and six Sell ratings.
• Consolidated Edison reported Q1 earnings below expectations, posting $2.18 per share versus the $2.28 estimate and revenue of $5.10 billion versus $5.22 billion expected. The company also declared a quarterly dividend of $0.8875 per share, equal to a 3.3% annualized yield.

Allstate Corp increased its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 102.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,584 shares of the utilities provider's stock after acquiring an additional 13,428 shares during the period. Allstate Corp's holdings in Consolidated Edison were worth $2,640,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Summitry LLC boosted its holdings in Consolidated Edison by 46.1% during the fourth quarter. Summitry LLC now owns 5,783 shares of the utilities provider's stock worth $574,000 after buying an additional 1,826 shares in the last quarter. Fisher Asset Management LLC acquired a new position in Consolidated Edison in the 4th quarter worth approximately $210,000. Clearstead Trust LLC boosted its stake in Consolidated Edison by 2.3% in the 4th quarter. Clearstead Trust LLC now owns 9,606 shares of the utilities provider's stock worth $954,000 after purchasing an additional 220 shares during the period. Legal & General Group Plc boosted its stake in Consolidated Edison by 1.1% in the 4th quarter. Legal & General Group Plc now owns 4,399,844 shares of the utilities provider's stock worth $436,993,000 after purchasing an additional 48,314 shares during the period. Finally, Glenview Trust Co boosted its stake in Consolidated Edison by 29.7% in the 4th quarter. Glenview Trust Co now owns 8,955 shares of the utilities provider's stock worth $889,000 after purchasing an additional 2,051 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ED shares. Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a research note on Tuesday, April 21st. KeyCorp raised their price objective on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. raised their price objective on shares of Consolidated Edison from $107.00 to $113.00 and gave the stock an "underweight" rating in a research note on Thursday, March 12th. Scotiabank raised their price objective on shares of Consolidated Edison from $113.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Friday, February 20th. Finally, Weiss Ratings raised shares of Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $108.71.

Insider Buying and Selling

In related news, SVP Deneen L. Donnley sold 1,922 shares of Consolidated Edison stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $113.94, for a total value of $218,992.68. Following the transaction, the senior vice president owned 32,453 shares in the company, valued at $3,697,694.82. This trade represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.15% of the stock is owned by company insiders.

Consolidated Edison Stock Up 0.5%

Consolidated Edison stock opened at $108.22 on Thursday. The company has a market capitalization of $39.88 billion, a P/E ratio of 18.22, a P/E/G ratio of 2.73 and a beta of 0.29. The firm's fifty day simple moving average is $110.09 and its 200-day simple moving average is $106.04. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results 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 business had revenue of $5.10 billion for 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 quarter in the prior year, the business posted $2.26 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Sell-side analysts forecast that Consolidated Edison Inc will post 6.09 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, May 13th will be issued a $0.8875 dividend. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, May 13th. Consolidated Edison's dividend payout ratio (DPR) is 59.76%.

Consolidated Edison Company Profile

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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