Ethic Inc. Increases Holdings in Consolidated Edison Inc $ED

Key Points

• Ethic Inc. increased its stake in Consolidated Edison by 179.9% during the 1st quarter, now owning over 106,000 shares valued at approximately $11.67 million.
• Several analysts have revised their price targets for Consolidated Edison, with Mizuho raising it from $107.00 to $112.00, while maintaining an "outperform" rating.
• Consolidated Edison reported $0.67 EPS for its last quarter, exceeding expectations, and is set to pay a quarterly dividend of $0.85 on September 15th, representing an annual yield of 3.3%.

Ethic Inc. increased its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 179.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,004 shares of the utilities provider's stock after acquiring an additional 68,129 shares during the quarter. Ethic Inc.'s holdings in Consolidated Edison were worth $11,667,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Merit Financial Group LLC boosted its stake in Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after purchasing an additional 1,533 shares during the period. Ritholtz Wealth Management bought a new stake in Consolidated Edison in the 1st quarter valued at $227,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of 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 acquiring an additional 6,869 shares during the period. Flagship Harbor Advisors LLC bought a new stake in shares of Consolidated Edison during the 1st quarter valued at $217,000. Finally, GAMMA Investing LLC lifted its position in shares of Consolidated Edison by 45.0% during the 1st quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after acquiring an additional 2,869 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on ED shares. Bank of America downgraded Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Mizuho increased their price target on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Guggenheim raised their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Wells Fargo & Company raised their target price on 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 Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Consolidated Edison has an average rating of "Hold" and an average target price of $105.82.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.4450 during trading hours on Wednesday, reaching $101.5450. The stock had a trading volume of 985,645 shares, compared to its average volume of 2,736,227. 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 stock has a 50 day simple moving average of $101.65 and a 200 day simple moving average of $103.63. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The stock has a market cap of $36.62 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 2.77 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% 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 last year, the business posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business 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 3.3%. Consolidated Edison's payout ratio is 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.