Bank of New York Mellon Corp Buys 45,110 Shares of Consolidated Edison Inc $ED

Bank of New York Mellon Corp raised its stake in Consolidated Edison Inc (NYSE:ED) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,288,918 shares of the utilities provider’s stock after purchasing an additional 45,110 shares during the period. Bank of New York Mellon Corp owned approximately 0.63% of Consolidated Edison worth $230,082,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ED. Sumitomo Mitsui Trust Group Inc. increased its holdings in Consolidated Edison by 3.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,028,686 shares of the utilities provider’s stock valued at $103,404,000 after purchasing an additional 29,606 shares in the last quarter. Atlantic Union Bankshares Corp increased its stake in shares of Consolidated Edison by 46.7% in the second quarter. Atlantic Union Bankshares Corp now owns 3,714 shares of the utilities provider’s stock valued at $373,000 after buying an additional 1,183 shares in the last quarter. ATLAS Infrastructure Partners UK Ltd. increased its stake in shares of Consolidated Edison by 4.8% in the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock valued at $241,772,000 after buying an additional 110,666 shares in the last quarter. CWM LLC lifted its position in Consolidated Edison by 12.6% during the 3rd quarter. CWM LLC now owns 255,577 shares of the utilities provider’s stock worth $25,691,000 after buying an additional 28,606 shares in the last quarter. Finally, Texas Yale Capital Corp. lifted its position in Consolidated Edison by 41.8% during the 2nd quarter. Texas Yale Capital Corp. now owns 16,627 shares of the utilities provider’s stock worth $1,669,000 after buying an additional 4,900 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ED. Barclays dropped their target price on shares of Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, January 22nd. Morgan Stanley restated an “underweight” rating and issued a $96.00 price objective on shares of Consolidated Edison in a research report on Wednesday, January 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. JPMorgan Chase & Co. lowered their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research note on Friday, December 12th. Finally, Wells Fargo & Company cut their price target on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 20th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Reduce” and an average price target of $104.20.

Insider Buying and Selling at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of Consolidated Edison stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the transaction, the director owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is owned by corporate insiders.

Consolidated Edison Stock Performance

ED stock opened at $106.63 on Friday. Consolidated Edison Inc has a twelve month low of $93.24 and a twelve month high of $114.87. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The company has a market cap of $38.49 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 2.89 and a beta of 0.39. The business’s fifty day moving average is $100.06 and its 200-day moving average is $100.12.

Consolidated Edison (NYSE:ED) last released 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%.The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the company posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Equities research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, February 18th will be paid a $0.8875 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Wednesday, February 18th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.44%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.