Federated Hermes Inc. Increases Position in Consolidated Edison Inc (NYSE:ED)

Key Points

• Federated Hermes Inc. increased its stake in Consolidated Edison by 279.6% in the first quarter, owning nearly 10,000 shares worth over $1 million.
• Several large investors made significant changes to their holdings, with GAMMA Investing LLC growing its stake by 15,937.5% during the same period.
• Consolidated Edison announced a quarterly dividend of $0.85, reflecting an annualized yield of 3.3%, and has a dividend payout ratio of 62.85%.

Federated Hermes Inc. raised its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 279.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,919 shares of the utilities provider's stock after purchasing an additional 7,306 shares during the quarter. Federated Hermes Inc.'s holdings in Consolidated Edison were worth $1,097,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ED. Glen Eagle Advisors LLC increased its position in shares of Consolidated Edison by 6.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after purchasing an additional 111 shares during the last quarter. Western Wealth Management LLC boosted its stake in Consolidated Edison by 0.7% in the first quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock worth $1,781,000 after buying an additional 116 shares in the last quarter. Integrated Advisors Network LLC grew its position in Consolidated Edison by 1.6% during the first quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after acquiring an additional 121 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Consolidated Edison by 4.3% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,915 shares of the utilities provider's stock worth $322,000 after acquiring an additional 121 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Consolidated Edison by 2.0% in the 1st quarter. Kingsview Wealth Management LLC now owns 6,372 shares of the utilities provider's stock worth $705,000 after acquiring an additional 125 shares during the last quarter. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

ED traded down $0.45 during midday trading on Friday, hitting $104.55. 2,796,396 shares of the company traded hands, compared to its average volume of 2,745,065. The firm has a market capitalization of $37.67 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 3.32 and a beta of 0.24. The company's 50-day moving average is $101.66 and its 200 day moving average is $103.01. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the previous year, the company posted $0.59 EPS. On average, research analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison's dividend payout ratio is presently 62.85%.

Analysts Set New Price Targets

ED has been the subject of several recent research reports. Guggenheim boosted their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Mizuho increased their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a report on Friday. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Finally, Barclays increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $105.20.

Consolidated Edison 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.