Summit Wealth Group LLC Co. bought a new position in shares of Consolidated Edison Inc (NYSE:ED – Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 11,248 shares of the utilities provider’s stock, valued at approximately $1,150,000.
A number of other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Consolidated Edison during the 2nd quarter worth approximately $4,609,491,000. Lazard Asset Management LLC lifted its position in Consolidated Edison by 14.8% during the first quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider’s stock valued at $800,843,000 after buying an additional 910,244 shares in the last quarter. Deutsche Bank AG acquired a new position in Consolidated Edison during the second quarter valued at approximately $749,184,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Consolidated Edison by 7.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,847,672 shares of the utilities provider’s stock valued at $536,298,000 after buying an additional 353,000 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in Consolidated Edison during the second quarter valued at approximately $494,352,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on ED. KeyCorp decreased their price objective on shares of Consolidated Edison from $94.00 to $87.00 and set an “underweight” rating for the company in a research note on Tuesday, October 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Consolidated Edison in a research note on Monday, October 19th. Morgan Stanley cut their target price on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a research note on Friday, September 18th. LADENBURG THALM/SH SH lifted their target price on shares of Consolidated Edison from $101.00 to $113.50 and gave the company a “neutral” rating in a report on Monday, July 13th. Finally, Scotiabank decreased their price target on shares of Consolidated Edison from $117.00 to $110.00 and set a “sector perform” rating for the company in a research report on Wednesday, September 30th. Four investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Reduce” and a consensus price target of $108.09.
Consolidated Edison Price Performance
Shares of NYSE ED opened at $116.76 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $118.79. The company has a market capitalization of $43.18 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 4.10 and a beta of 0.23. The business has a 50-day moving average of $108.15 and a 200-day moving average of $109.10.
Consolidated Edison (NYSE:ED – Get Free Report) last announced its earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The business had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.60 billion. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%. During the same period last year, the business posted $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, equities analysts anticipate that Consolidated Edison Inc will post 6.10 EPS for the current fiscal year.
Consolidated Edison Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Wednesday, November 18th will be issued a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, November 18th. Consolidated Edison’s dividend payout ratio is currently 58.29%.
Consolidated Edison Company Profile
Consolidated Edison, Inc is a diversified energy company headquartered in New York City. Through its regulated utility subsidiaries, the company delivers electricity, natural gas and steam to residential, commercial and industrial customers.
Its principal subsidiary, Consolidated Edison Company of New York, provides electric service throughout New York City and Westchester County, along with gas service in Manhattan, the Bronx, parts of Queens and Westchester County, and steam service in parts of Manhattan.
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