Northern Trust Corp Has $465.68 Million Stock Position in Consolidated Edison Inc $ED

Key Points

• Northern Trust Corp modestly increased its stake in Consolidated Edison Inc by 0.1%, owning over 4.2 million shares valued at approximately $465.7 million as of the latest reporting period.
• Consolidated Edison has recently declared a quarterly dividend of $0.85 per share, aligning with an annual yield of 3.4%, which will be paid on September 15th, 2023.
• Analysts have mixed views on the stock, with a current consensus rating of "Hold" and a target price averaging around $105.82, following various adjustments by research firms.

Northern Trust Corp lifted its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 0.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,210,875 shares of the utilities provider's stock after acquiring an additional 3,122 shares during the period. Northern Trust Corp owned 1.17% of Consolidated Edison worth $465,681,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in ED. Alpine Bank Wealth Management acquired a new position in Consolidated Edison during the first quarter worth $32,000. Fort Vancouver Investment Management LLC purchased a new stake in shares of Consolidated Edison during the first quarter worth $33,000. Financial Network Wealth Advisors LLC purchased a new position in Consolidated Edison in the first quarter valued at $33,000. Cary Street Partners Investment Advisory LLC increased its holdings 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 valued at $34,000 after buying an additional 120 shares during the last quarter. Finally, Elite Financial Inc. purchased a new position in Consolidated Edison in the first quarter valued at $38,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Down 1.4%

Shares of ED traded down $1.3870 during midday trading on Monday, hitting $100.2630. The company had a trading volume of 462,286 shares, compared to its average volume of 2,733,601. The company's 50 day moving average price is $101.54 and its 200 day moving average price is $103.82. The stock has a market cap of $36.16 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 2.83 and a beta of 0.24. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

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

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.4%. Consolidated Edison's dividend payout ratio is currently 61.71%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ED. Guggenheim raised their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Barclays raised their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Scotiabank increased 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 dropped their target price for the company from $112.00 to $101.00 in a report on Friday, August 15th. Finally, Mizuho raised their price objective on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock 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.