The Manufacturers Life Insurance Company Has $23.52 Million Stock Holdings in Consolidated Edison Inc $ED

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Consolidated Edison Inc by 12.0%, now owning 212,670 shares worth approximately $23.5 million.
• Analysts have mixed views on Consolidated Edison, with recent price targets ranging from $101 to $112 and an average rating of "Hold".
• Consolidated Edison declared a quarterly dividend of $0.85 per share, resulting in an annualized yield of 3.5%.

The Manufacturers Life Insurance Company lessened its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 12.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 212,670 shares of the utilities provider's stock after selling 28,888 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Consolidated Edison worth $23,519,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Alpine Bank Wealth Management acquired a new position in shares of Consolidated Edison in the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in shares of Consolidated Edison in the first quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC bought a new stake in shares of Consolidated Edison in the first quarter worth $33,000. Cary Street Partners Investment Advisory LLC boosted its holdings in 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. acquired a new position in Consolidated Edison during the first quarter worth $38,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Performance

NYSE ED traded up $0.21 on Friday, hitting $98.01. 1,724,453 shares of the stock were exchanged, compared to its average volume of 2,841,150. 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 business's fifty day moving average is $101.22 and its 200 day moving average is $103.96. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a market capitalization of $35.35 billion, a PE ratio of 17.79, a P/E/G ratio of 2.72 and a beta of 0.28.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same period in the prior year, the firm posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared 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. This represents a $3.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is 61.71%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their target price for the stock from $112.00 to $101.00 in a report on Friday, August 15th. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Mizuho increased their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Scotiabank increased their target price 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. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $105.82.

Consolidated Edison 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.