7,324 Shares in Consolidated Edison Inc $ED Purchased by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC acquired 7,324 shares of Consolidated Edison Inc, valued at approximately $810,000, indicating growing institutional interest in the utilities provider.
• Consolidated Edison declared a quarterly dividend of $0.85, representing an annualized yield of 3.5%, with a dividend payout ratio of 61.71%.
• The company reported an EPS of $0.67, beating estimates, with a revenue of $3.60 billion for the last quarter, showcasing strong financial performance.

First Manhattan CO. LLC. purchased a new position in Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,324 shares of the utilities provider's stock, valued at approximately $810,000.

Several other hedge funds have also recently added to or reduced their stakes in ED. Vanguard Group Inc. boosted its position in Consolidated Edison by 1.6% during the first quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock worth $4,768,319,000 after purchasing an additional 661,432 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Consolidated Edison by 6.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock valued at $430,129,000 after buying an additional 271,088 shares in the last quarter. Deutsche Bank AG increased its holdings in Consolidated Edison by 130.6% in the first quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock worth $434,266,000 after buying an additional 2,223,959 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Consolidated Edison by 106.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock valued at $308,643,000 after purchasing an additional 1,441,785 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Consolidated Edison by 2.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,271,594 shares of the utilities provider's stock valued at $251,216,000 after purchasing an additional 45,605 shares in the last quarter. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Trading Down 1.4%

Shares of NYSE ED traded down $1.41 during midday trading on Monday, hitting $96.64. 2,143,538 shares of the company traded hands, compared to its average volume of 2,758,525. The firm has a market cap of $34.85 billion, a P/E ratio of 17.54, a P/E/G ratio of 2.72 and a beta of 0.28. The stock has a 50-day moving average price of $101.22 and a 200 day moving average price of $104.02. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the prior year, the company earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.5%. Consolidated Edison's dividend payout ratio is presently 61.71%.

Analyst Upgrades and Downgrades

ED has been the subject of several recent analyst reports. Morgan Stanley reiterated an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Mizuho lifted their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Scotiabank lifted their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Finally, Barclays lifted their target price on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target 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.