Maryland State Retirement & Pension System Purchases 32,202 Shares of Consolidated Edison Inc $ED

Key Points

• The Maryland State Retirement & Pension System increased its holdings in Consolidated Edison Inc by 10.4% in Q2, purchasing an additional 32,202 shares to reach a total of 342,212 shares.
• Consolidated Edison reported earnings of $0.67 per share for the last quarter, surpassing analyst estimates, with revenue of $3.60 billion.
• The company declared a quarterly dividend of $0.85 per share, resulting in an annualized dividend of $3.40 and a dividend yield of 3.4%.

Maryland State Retirement & Pension System grew its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 10.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 342,212 shares of the utilities provider's stock after acquiring an additional 32,202 shares during the quarter. Consolidated Edison comprises approximately 0.8% of Maryland State Retirement & Pension System's holdings, making the stock its 25th largest holding. Maryland State Retirement & Pension System owned 0.09% of Consolidated Edison worth $34,341,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC bought a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC bought a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC lifted its position in Consolidated Edison by 64.9% in the first 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 during the last quarter. Finally, Elite Financial Inc. bought a new stake in Consolidated Edison in the first quarter worth $38,000. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on ED. Evercore ISI began coverage on Consolidated Edison in a research report on Tuesday. They issued an "in-line" rating and a $106.00 price target for the company. Barclays raised their price target on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Scotiabank raised their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research report on Monday, August 11th. New Street Research set a $106.00 price target on Consolidated Edison in a research report on Monday. Finally, Mizuho raised their price target on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $105.75.

Consolidated Edison Stock Performance

ED stock opened at $100.80 on Thursday. 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 business's fifty day simple moving average is $99.83 and its two-hundred day simple moving average is $103.13. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The firm has a market cap of $36.35 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.78 and a beta of 0.32.

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 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 for the quarter, compared to analyst estimates of $3.39 billion. During the same quarter last year, the firm posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.85 per share. The ex-dividend date was Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. Consolidated Edison's dividend payout ratio (DPR) is currently 61.71%.

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.

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