Consolidated Edison Inc $ED Shares Sold by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. reduced its stake in shares of Consolidated Edison Inc (NYSE:ED) by 2.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,182 shares of the utilities provider’s stock after selling 405 shares during the period. Sovereign Financial Group Inc.’s holdings in Consolidated Edison were worth $2,025,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ED. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison during the first quarter worth $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison during the first quarter worth $33,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the first quarter worth $33,000. Cary Street Partners Investment Advisory LLC raised 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, Capital Advisors Ltd. LLC raised its holdings in shares of Consolidated Edison by 53.2% during the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on ED. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a report on Wednesday. Evercore ISI began coverage on shares of Consolidated Edison in a report on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price for the company. Morgan Stanley reduced their target price on shares of Consolidated Edison from $95.00 to $93.00 and set an “underweight” rating for the company in a report on Thursday, September 25th. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Mizuho lifted their price objective on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $105.75.

Consolidated Edison Stock Up 1.5%

ED opened at $102.36 on Friday. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. 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 fifty day moving average of $99.73 and a two-hundred day moving average of $103.03. The stock has a market capitalization of $36.92 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 2.85 and a beta of 0.32.

Consolidated Edison (NYSE:ED) last announced its 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. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter last year, the business earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were paid 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 3.3%. Consolidated Edison’s payout ratio is currently 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.