Summit Financial LLC Purchases Shares of 2,863 Consolidated Edison Inc $ED

Key Points

• Summit Financial LLC has invested approximately $317,000 in Consolidated Edison, acquiring 2,863 shares during the first quarter.
• Analysts have mixed ratings for Consolidated Edison, with price targets ranging from $92.00 to $112.00 and a consensus rating of "Hold" based on current performance.
• The company recently declared a quarterly dividend of $0.85 per share, resulting in an annualized yield of 3.4% with a payout ratio of 61.71%.

Summit Financial LLC purchased a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,863 shares of the utilities provider's stock, valued at approximately $317,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison during the first quarter worth about $32,000. Fort Vancouver Investment Management LLC bought a new stake in shares of Consolidated Edison during the first quarter worth about $33,000. Financial Network Wealth Advisors LLC bought a new stake in shares of Consolidated Edison during the first quarter worth about $33,000. Cary Street Partners Investment Advisory LLC grew its holdings 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 worth $34,000 after purchasing an additional 120 shares during the last quarter. Finally, Elite Financial Inc. bought a new stake in shares of Consolidated Edison during the first quarter worth about $38,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Trading Up 0.1%

Shares of Consolidated Edison stock traded up $0.13 during midday trading on Friday, reaching $98.30. The company had a trading volume of 4,219,518 shares, compared to its average volume of 2,844,784. The stock has a fifty day moving average price of $101.36 and a 200 day moving average price of $103.94. 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 firm has a market cap of $35.45 billion, a PE ratio of 17.84, a P/E/G ratio of 2.73 and a beta of 0.28. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $3.39 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, equities analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 yield of 3.5%. Consolidated Edison's payout ratio is 61.71%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Barclays boosted their price target on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Mizuho lifted their price objective on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. 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 research note on Friday, August 15th. Finally, Scotiabank lifted their price objective on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $105.82.

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.