Wesbanco Bank Inc. Raises Holdings in Consolidated Edison Inc $ED

Key Points

• Wesbanco Bank Inc. increased its holdings in Consolidated Edison Inc by 39.8% in the second quarter, acquiring an additional 3,218 shares, bringing their total to 11,305 shares valued at $1,134,000.
• Several analysts have updated their ratings on Consolidated Edison, with Barclays raising the price target from $101.00 to $107.00, while Bank of America downgraded the stock from "buy" to "underperform."
• Consolidated Edison announced a quarterly dividend of $0.85, representing a 3.5% dividend yield, with a payout ratio of 61.71%.

Wesbanco Bank Inc. lifted its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 39.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 11,305 shares of the utilities provider's stock after acquiring an additional 3,218 shares during the period. Wesbanco Bank Inc.'s holdings in Consolidated Edison were worth $1,134,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. RDA Financial Network purchased a new stake in shares of Consolidated Edison during the second quarter worth about $367,000. Garde Capital Inc. lifted its holdings in shares of Consolidated Edison by 34.2% during the second quarter. Garde Capital Inc. now owns 589 shares of the utilities provider's stock worth $59,000 after purchasing an additional 150 shares during the period. Fiduciary Financial Group LLC lifted its holdings in shares of Consolidated Edison by 10.6% during the second quarter. Fiduciary Financial Group LLC now owns 3,168 shares of the utilities provider's stock worth $319,000 after purchasing an additional 304 shares during the period. LVM Capital Management Ltd. MI acquired a new stake in shares of Consolidated Edison during the second quarter worth about $501,000. Finally, AG2R LA Mondiale Gestion D Actifs acquired a new stake in shares of Consolidated Edison during the first quarter worth about $1,631,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ED shares. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Barclays lifted their price target on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Morgan Stanley reiterated an "underweight" rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Finally, Scotiabank lifted their price target on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, August 11th. Three investment 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Stock Down 0.6%

Shares of ED opened at $96.98 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The stock's 50 day moving average is $100.86 and its two-hundred day moving average is $103.90. The firm has a market cap of $34.98 billion, a P/E ratio of 17.60, a PEG ratio of 2.71 and a beta of 0.28.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data 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 return on equity of 8.56% and a net margin of 11.98%.The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the company earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 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.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.