Family Legacy Financial Solutions LLC Makes New Investment in Consolidated Edison Inc $ED

Key Points

• Family Legacy Financial Solutions LLC has acquired a new stake of 4,107 shares in Consolidated Edison Inc valued at approximately $412,000 during the second quarter.
• Consolidated Edison reported a quarterly earnings per share (EPS) of $0.67, slightly exceeding analysts' expectations of $0.66, with revenues also surpassing forecasts.
• The company announced a quarterly dividend of $0.85 per share, resulting in an annualized yield of 3.5% and a payout ratio of 61.71%.

Family Legacy Financial Solutions LLC purchased a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,107 shares of the utilities provider's stock, valued at approximately $412,000.

Other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison in the 1st quarter worth $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison during the 1st quarter valued at about $33,000. Financial Network Wealth Advisors LLC bought a new stake in Consolidated Edison in the 1st quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after buying an additional 120 shares in the last quarter. Finally, Wood Tarver Financial Group LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth about $35,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ED. Mizuho upped their price objective on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Scotiabank raised their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research note on Monday, August 11th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price objective for the stock from $112.00 to $101.00 in a research note on Friday, August 15th. Finally, Barclays upped their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Stock Up 0.1%

Shares of ED stock traded up $0.06 on Friday, hitting $96.41. 4,091,677 shares of the stock were exchanged, compared to its average volume of 2,287,953. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average of $100.53 and a 200 day moving average of $103.72. The firm has a market capitalization of $34.77 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 2.68 and a beta of 0.28. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same quarter last year, the business posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's 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.