Maryland State Retirement & Pension System Increases Stake in Consolidated Edison Inc $ED

Maryland State Retirement & Pension System increased its position in shares of Consolidated Edison Inc (NYSE:ED) by 10.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 342,212 shares of the utilities provider’s stock after buying an additional 32,202 shares during the period. Consolidated Edison comprises approximately 0.8% of Maryland State Retirement & Pension System’s holdings, making the stock its 25th largest holding. Maryland State Retirement & Pension System’s holdings in Consolidated Edison were worth $34,341,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison during the first quarter valued at $32,000. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison in the first quarter valued at about $33,000. Financial Network Wealth Advisors LLC purchased a new position in Consolidated Edison in the first quarter valued at about $33,000. Cary Street Partners Investment Advisory LLC grew 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 purchasing an additional 120 shares during the last quarter. Finally, Elite Financial Inc. purchased a new position in Consolidated Edison in the first quarter valued at about $38,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $100.80 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The company has a market cap of $36.35 billion, a PE ratio of 18.29, a P/E/G ratio of 2.78 and a beta of 0.32. The business has a 50-day simple moving average of $99.83 and a two-hundred day simple moving average of $103.13. 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) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same quarter last year, the company 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 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors 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 payout ratio is 61.71%.

Analyst Ratings Changes

Several equities analysts have issued reports on ED shares. Evercore ISI started coverage on Consolidated Edison in a research note on Tuesday. They issued an “in-line” rating and a $106.00 target price on the stock. Scotiabank lifted their target price on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a research note on Monday, August 11th. KeyCorp reiterated an “overweight” rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Barclays lifted their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an “underweight” rating in a research note on Wednesday, August 13th. Finally, Mizuho lifted their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $105.75.

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.