Harrison Street Private Wealth LLC Acquires Shares of 23,127 Consolidated Edison Inc $ED

Key Points

• Harrison Street Private Wealth LLC initiated a new position in Consolidated Edison, buying 23,127 shares valued at about $2.62 million. The stake makes ED its 18th-largest holding and about 3.5% of its portfolio.
• Consolidated Edison shares were up 2.7% and traded at $113.96, near the top of their 52-week range. The stock also sports a 3.1% dividend yield after its recent quarterly payout of $0.8875 per share.
• Investor sentiment remains mixed: while some institutions have boosted their holdings, analysts currently have an average rating of “Reduce” with a consensus price target of $108.07. Recent heat-wave related power conservation requests and localized outages have also raised reliability concerns.

Harrison Street Private Wealth LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,127 shares of the utilities provider's stock, valued at approximately $2,618,000. Consolidated Edison comprises approximately 3.5% of Harrison Street Private Wealth LLC's holdings, making the stock its 18th largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Lazard Asset Management LLC increased its stake in Consolidated Edison by 121,543.9% during the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock worth $599,155,000 after acquiring an additional 5,955,653 shares during the last quarter. Norges Bank bought a new stake in shares of Consolidated Edison during the fourth quarter worth $489,806,000. Deutsche Bank AG lifted its holdings in Consolidated Edison by 101.4% during the 4th quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider's stock valued at $359,276,000 after buying an additional 1,820,877 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $113,977,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Consolidated Edison by 104.6% in the 3rd quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider's stock worth $190,530,000 after buying an additional 974,419 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 2.7%

Shares of ED stock opened at $113.96 on Friday. The stock's fifty day moving average is $107.77 and its two-hundred day moving average is $107.67. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The firm has a market capitalization of $42.00 billion, a P/E ratio of 19.18, a PEG ratio of 2.82 and a beta of 0.27. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th were paid a $0.8875 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. Consolidated Edison's dividend payout ratio is 59.76%.

Key Headlines Impacting Consolidated Edison

Here are the key news stories impacting Consolidated Edison this week:

• Positive Sentiment: Con Edison is being seen as a defensive utility beneficiary during the heat wave, with elevated electricity usage likely supporting near-term demand for its services. Con Edison Calls for Power-Saving, Reduces Voltage by 8% in Some Areas -- Update
• Positive Sentiment: The company elected Tali Farhadian to its Board of Directors, adding legal and regulatory expertise that could help with governance and utility oversight. Con Edison Elects New Board Member
• Neutral Sentiment: Con Edison asked customers in parts of NYC, Westchester and the Bronx to conserve energy and reduced voltage in some areas to prevent grid strain during peak demand. As heat wave rages, Con Ed urges nearly 90,000 people in NYC, Westchester to limit power use
• Neutral Sentiment: Reports of outages in Staten Island and the Bronx point to operational stress from the heat, but the disruptions appear localized rather than a broad system failure. Thousands without power as Con Edison outages hit Staten Island
• Negative Sentiment: Localized outages and emergency voltage reductions could raise investor concern about grid reliability and possible costs tied to storm/heat-related service issues. Con Edison shuts off power to parts of Bronx neighborhood on hottest day of the year

Analyst Ratings Changes

Several brokerages have recently weighed in on ED. Wells Fargo & Company set a $98.00 price target on shares of Consolidated Edison in a research report on Tuesday, April 21st. Weiss Ratings upgraded Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, April 24th. The Goldman Sachs Group reissued a "sell" rating and issued a $105.00 target price on shares of Consolidated Edison in a research report on Thursday, May 14th. Argus set a $112.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Finally, Mizuho reissued a "neutral" rating and issued a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $108.07.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

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