Consolidated Edison Inc $ED Position Cut by State Street Corp

State Street Corp reduced its holdings in Consolidated Edison Inc (NYSE:ED) by 1.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,987,226 shares of the utilities provider’s stock after selling 361,785 shares during the quarter. State Street Corp owned 6.65% of Consolidated Edison worth $2,407,118,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in ED. Financial Network Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the first quarter valued at $33,000. Capital Advisors Ltd. LLC lifted its holdings in Consolidated Edison by 53.2% in 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 period. Bogart Wealth LLC grew its position in Consolidated Edison by 886.5% in the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after buying an additional 328 shares in the last quarter. SJS Investment Consulting Inc. increased its stake in Consolidated Edison by 1,677.3% during the 2nd quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock valued at $39,000 after buying an additional 369 shares during the period. Finally, HFM Investment Advisors LLC bought a new stake in shares of Consolidated Edison during the 1st quarter worth about $52,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ED shares. Wells Fargo & Company raised shares of Consolidated Edison to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday. Barclays cut their target price on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research report on Monday, November 10th. New Street Research set a $106.00 price target on Consolidated Edison in a research report on Monday, October 6th. Finally, KeyCorp boosted their price objective on Consolidated Edison from $88.00 to $90.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 15th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Reduce” and a consensus price target of $104.58.

Consolidated Edison Trading Up 0.4%

Shares of NYSE:ED opened at $95.80 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The stock has a market capitalization of $34.58 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 2.77 and a beta of 0.37. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a 50 day moving average price of $99.41 and a 200 day moving average price of $100.26.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same quarter in the prior year, the firm posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, November 19th. Consolidated Edison’s dividend payout ratio is currently 59.44%.

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.