Strs Ohio Acquires New Position in Consolidated Edison Inc $ED

Key Points

• Strs Ohio has acquired a new stake in Consolidated Edison Inc, purchasing 21,113 shares valued at approximately $2.3 million during the first quarter.
• Consolidated Edison reported a quarterly earnings per share of $0.67, exceeding analysts' expectations of $0.66, and had a revenue of $3.60 billion for the quarter.
• The company recently declared a quarterly dividend of $0.85 per share, translating to an annual yield of 3.5%, with a payout ratio of 61.71%.

Strs Ohio bought a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 21,113 shares of the utilities provider's stock, valued at approximately $2,335,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Glen Eagle Advisors LLC raised its position in shares of Consolidated Edison by 6.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after buying an additional 111 shares during the last quarter. Western Wealth Management LLC raised its position in shares of Consolidated Edison by 0.7% during the first quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock valued at $1,781,000 after buying an additional 116 shares during the last quarter. Eastern Bank raised its position in shares of Consolidated Edison by 2.9% during the first quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock valued at $475,000 after buying an additional 120 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in shares of Consolidated Edison by 64.9% during 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, Integrated Advisors Network LLC raised its position in shares of Consolidated Edison by 1.6% during the first quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after buying an additional 121 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ED. Mizuho upped their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Scotiabank upped their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research note on Monday, August 11th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their target price for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Finally, KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research note 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Price Performance

Shares of ED traded up $0.48 during mid-day trading on Friday, hitting $96.83. 1,687,145 shares of the company traded hands, compared to its average volume of 2,705,708. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average of $100.61 and a 200 day moving average of $103.74. The stock has a market capitalization of $34.92 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 2.68 and a beta of 0.28.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.39 billion. During the same period in the prior year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, equities analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, August 13th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 61.71%.

About Consolidated Edison

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.