Truist Financial Corp Has $5.04 Million Position in Consolidated Edison Inc $ED

Key Points

• Truist Financial Corp reduced its holdings in Consolidated Edison Inc by 5.5% in Q2, maintaining a position valued at approximately $5.04 million.
• Consolidated Edison reported strong Q2 earnings, with a $0.67 earnings per share (EPS), surpassing analysts' expectations of $0.66 and a revenue of $3.60 billion.
• The company announced a quarterly dividend of $0.85 per share, representing an annualized yield of 3.4% with a payout ratio of 61.71%.

Truist Financial Corp lessened its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 5.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,209 shares of the utilities provider's stock after selling 2,927 shares during the period. Truist Financial Corp's holdings in Consolidated Edison were worth $5,038,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in shares of Consolidated Edison during the first quarter worth about $32,000. Fort Vancouver Investment Management LLC acquired a new stake in Consolidated Edison during the 1st quarter worth approximately $33,000. Financial Network Wealth Advisors LLC acquired a new stake in Consolidated Edison during the 1st quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC lifted its stake in 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 valued at $34,000 after buying an additional 120 shares in the last quarter. Finally, Elite Financial Inc. acquired a new position in Consolidated Edison in the 1st quarter worth $38,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Up 0.7%

Shares of ED opened at $100.02 on Wednesday. The firm has a market cap of $36.07 billion, a P/E ratio of 18.15, a price-to-earnings-growth ratio of 2.76 and a beta of 0.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The firm's 50-day simple moving average is $99.87 and its 200 day simple moving average is $103.15.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) 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 company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

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

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent research reports. Bank of America lowered Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their target price for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating on the stock in a report on Thursday, September 25th. 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. Mizuho raised their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Barclays raised their price objective on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a report on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $105.92.

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.

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