Stock Yards Bank & Trust Co. Acquires New Shares in Consolidated Edison Inc $ED

Key Points

• Stock Yards Bank & Trust Co. acquired 3,469 shares of Consolidated Edison Inc for approximately $348,000 during the second quarter.
• Consolidated Edison reported a quarterly EPS of $0.67, exceeding analysts' expectations, with a total revenue of $3.60 billion.
• The company recently announced a quarterly dividend of $0.85, yielding 3.4% annually, with a payout ratio of 61.71%.

Stock Yards Bank & Trust Co. acquired a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,469 shares of the utilities provider's stock, valued at approximately $348,000.

Other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new position in shares of Consolidated Edison in the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC purchased a new stake in Consolidated Edison in the 1st quarter worth approximately $33,000. Financial Network Wealth Advisors LLC bought a new position in Consolidated Edison in the 1st quarter valued at $33,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 120 shares in the last quarter. Finally, Elite Financial Inc. bought a new position 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 1.2%

Shares of NYSE ED opened at $98.83 on Monday. The stock has a market capitalization of $35.64 billion, a P/E ratio of 17.94, a PEG ratio of 2.75 and a beta of 0.32. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The firm's 50 day simple moving average is $99.95 and its two-hundred day simple moving average is $103.23. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the prior year, the company earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 13th. Consolidated Edison's payout ratio is 61.71%.

Analyst Upgrades and Downgrades

ED has been the subject of several research analyst reports. Barclays lifted their price objective on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. Bank of America lowered Consolidated Edison from a "buy" rating to an "underperform" rating and cut their price objective for the stock from $112.00 to $101.00 in a report on Friday, August 15th. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating on the stock in a research report on Thursday, September 25th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Consolidated Edison in a research report on Saturday, September 27th. Finally, Scotiabank increased their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.91.

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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