Stoneridge Investment Partners LLC Buys Shares of 5,456 Consolidated Edison Inc $ED

Key Points

• Stoneridge Investment Partners LLC acquired 5,456 shares of Consolidated Edison Inc, valued at approximately $603,000, as reported in a filing with the SEC.
• Consolidated Edison reported a Q2 earnings per share of $0.67, surpassing analysts' expectations, with a revenue of $3.60 billion for the quarter.
• The company declared a quarterly dividend of $0.85, with an annualized dividend yield of 3.4%, indicating a dividend payout ratio of 61.71%.

Stoneridge Investment Partners LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 5,456 shares of the utilities provider's stock, valued at approximately $603,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Alpine Bank Wealth Management purchased a new stake in Consolidated Edison in the first quarter worth approximately $32,000. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison in the 1st quarter worth $33,000. Financial Network Wealth Advisors LLC bought a new stake in Consolidated Edison in the first quarter worth $33,000. Cary Street Partners Investment Advisory LLC increased its holdings 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 during the period. Finally, Elite Financial Inc. purchased a new position in shares of Consolidated Edison in the first quarter worth about $38,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Scotiabank increased their target price on 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 lowered Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their price objective for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Barclays raised their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Morgan Stanley decreased their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research note on Wednesday, June 18th. Finally, Wells Fargo & Company increased their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of "Hold" and an average price target of $105.82.

Consolidated Edison Trading Up 0.1%

ED stock traded up $0.0520 during trading on Friday, reaching $101.5520. The company had a trading volume of 2,753,050 shares, compared to its average volume of 2,467,860. 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 Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The business has a 50 day moving average of $101.54 and a 200 day moving average of $103.71. The company has a market cap of $36.62 billion, a P/E ratio of 18.43, a PEG ratio of 2.82 and a beta of 0.24.

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 for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the prior year, the business earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, sell-side analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be given 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 3.3%. Consolidated Edison's dividend payout ratio (DPR) is currently 61.71%.

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.