Sax Wealth Advisors LLC Makes New Investment in Consolidated Edison Inc $ED

Key Points

• Sax Wealth Advisors LLC has acquired a new position in Consolidated Edison Inc., purchasing 3,048 shares valued at approximately $337,000.
• Consolidated Edison reported $0.67 EPS for the last quarter, surpassing estimates, with a revenue of $3.60 billion compared to forecasts of $3.39 billion.
• The company announced a quarterly dividend of $0.85, translating to an annualized yield of 3.3%, with the ex-dividend date set for August 13th.

Sax Wealth Advisors LLC bought a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,048 shares of the utilities provider's stock, valued at approximately $337,000.

Other institutional investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new stake in shares of 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 stake in shares of Consolidated Edison in the first quarter worth $33,000. Cary Street Partners Investment Advisory LLC raised 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 worth $34,000 after buying an additional 120 shares in the last quarter. Finally, Elite Financial Inc. purchased a new stake in shares of Consolidated Edison in the first quarter worth $38,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Up 0.1%

NYSE ED opened at $101.5520 on Monday. 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 PE ratio of 18.43, a PEG ratio of 2.83 and a beta of 0.24. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The business's 50-day moving average is $101.54 and its 200 day moving average is $103.82.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion for 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 period last year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Sell-side analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share 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 $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is presently 61.71%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ED. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Barclays increased 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. Mizuho increased 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. Scotiabank increased 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, KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and an average target price 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.

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