Credit Agricole S A Cuts Holdings in Consolidated Edison Inc $ED

Key Points

• Credit Agricole S A has reduced its stake in Consolidated Edison Inc by 2.8%, selling 3,640 shares, resulting in total holdings of 128,289 shares valued at approximately $14.19 million.
• Consolidated Edison reported earnings of $0.67 per share for the last quarter, exceeding analyst expectations of $0.66, with revenues of $3.60 billion versus estimates of $3.39 billion.
• The company announced a quarterly dividend of $0.85 per share, with a significant annualized yield of 3.3%, reflecting a payout ratio of 61.71%.

Credit Agricole S A lowered its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 2.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,289 shares of the utilities provider's stock after selling 3,640 shares during the period. Credit Agricole S A's holdings in Consolidated Edison were worth $14,187,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ED. Alpine Bank Wealth Management acquired a new stake in shares of Consolidated Edison in the 1st quarter worth approximately $32,000. Fort Vancouver Investment Management LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. Financial Network Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after acquiring an additional 120 shares during the period. Finally, Wood Tarver Financial Group LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Trading Up 0.1%

Shares of ED stock traded up $0.0520 during mid-day trading on Friday, hitting $101.5520. 2,753,050 shares of the company's stock were exchanged, compared to its average volume of 2,467,860. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The stock has a 50-day simple moving average of $101.54 and a two-hundred day simple moving average of $103.76. 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 cap of $36.62 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 2.83 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter last year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Equities analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. 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 dividend payout ratio (DPR) is 61.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Scotiabank upped their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Morgan Stanley lowered their target price on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a report on Wednesday, June 18th. Wells Fargo & Company increased their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their target price for the company from $112.00 to $101.00 in a report on Friday, August 15th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.82.

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.