SteelPeak Wealth LLC Makes New Investment in Consolidated Edison Inc $ED

Key Points

• SteelPeak Wealth LLC initiated a new position in Consolidated Edison, buying 33,146 shares valued at about $3.75 million in the first quarter.
• Institutional interest in the utility remains strong, with several large funds making major moves; notably, Lazard Asset Management and Norges Bank added significant stakes, and institutional investors now own 66.29% of the stock.
• Consolidated Edison pays a quarterly dividend of $0.8875, equal to an annualized $3.55 per share and a yield of about 3.2%, while analysts currently have a consensus rating of “Reduce” with a target price of $108.07.

SteelPeak Wealth LLC acquired a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 33,146 shares of the utilities provider's stock, valued at approximately $3,751,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ED. Lazard Asset Management LLC lifted its position in Consolidated Edison by 121,543.9% in the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock valued at $599,155,000 after acquiring an additional 5,955,653 shares in the last quarter. Norges Bank bought a new stake in Consolidated Edison during the 4th quarter worth approximately $489,806,000. Deutsche Bank AG increased 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 worth $359,276,000 after purchasing 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 worth approximately $113,977,000. Finally, AQR Capital Management LLC raised its stake in shares of Consolidated Edison by 104.6% in the third quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider's stock worth $190,530,000 after purchasing an additional 974,419 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Argus set a $112.00 target price on Consolidated Edison in a research report on Tuesday, June 23rd. Mizuho reissued a "neutral" rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research note on Wednesday, June 24th. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 target price on shares of Consolidated Edison in a research note on Thursday, May 14th. Finally, Wells Fargo & Company set a $98.00 target price on shares of Consolidated Edison in a report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $108.07.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $112.21 on Friday. The company has a market capitalization of $41.35 billion, a PE ratio of 18.89, a PEG ratio of 2.80 and a beta of 0.27. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The stock's 50 day moving average price is $108.37 and its 200-day moving average price is $108.56. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.2%. Consolidated Edison's payout ratio is currently 59.76%.

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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