Norinchukin Bank The Increases Stock Holdings in Consolidated Edison Inc $ED

Key Points

• Norinchukin Bank The increased its holdings in Consolidated Edison Inc by 16.5%, now owning 19,422 shares valued at approximately $2,148,000.
• Consolidated Edison reported earnings of $0.67 per share, beating estimates and achieving revenues of $3.60 billion, surpassing analyst expectations of $3.39 billion.
• The company announced a quarterly dividend of $0.85 with an annualized yield of 3.3%, aimed to be paid on September 15th to shareholders of record.

Norinchukin Bank The grew its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 16.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,422 shares of the utilities provider's stock after buying an additional 2,752 shares during the quarter. Norinchukin Bank The's holdings in Consolidated Edison were worth $2,148,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ED. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison in the first quarter valued at $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison in the first quarter valued at $33,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Consolidated Edison in the first quarter valued at $33,000. Cary Street Partners Investment Advisory LLC increased its position in shares of 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 valued at $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 valued at $35,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Up 0.1%

ED opened at $101.5520 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The stock has a market capitalization of $36.62 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 2.82 and a beta of 0.24. The business has a 50-day moving average of $101.54 and a two-hundred day moving average of $103.71. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations 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 in the previous year, the business earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.3%. Consolidated Edison's payout ratio is 61.71%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ED. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Mizuho lifted 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. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Scotiabank lifted their price objective 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. Finally, Barclays lifted their price objective on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Three 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 MarketBeat.com, Consolidated Edison currently has a consensus rating of "Hold" and an average price target of $105.82.

Consolidated Edison Company 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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