Citigroup Inc. Has $78.85 Million Stake in Consolidated Edison Inc $ED

Citigroup Inc. lowered its stake in shares of Consolidated Edison Inc (NYSE:ED) by 6.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 785,704 shares of the utilities provider’s stock after selling 50,636 shares during the quarter. Citigroup Inc.’s holdings in Consolidated Edison were worth $78,845,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. ATLAS Infrastructure Partners UK Ltd. bought a new position in shares of Consolidated Edison in the first quarter worth $254,205,000. Deutsche Bank AG increased its holdings in Consolidated Edison by 130.6% in the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider’s stock valued at $434,266,000 after buying an additional 2,223,959 shares during the period. JPMorgan Chase & Co. raised its position in shares of Consolidated Edison by 106.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider’s stock valued at $308,643,000 after buying an additional 1,441,785 shares in the last quarter. Nuveen LLC bought a new stake in shares of Consolidated Edison during the 1st quarter worth approximately $146,073,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Consolidated Edison by 215.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,688,480 shares of the utilities provider’s stock worth $186,730,000 after acquiring an additional 1,152,892 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ED. KeyCorp upped their target price on Consolidated Edison from $88.00 to $90.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday. Mizuho boosted their target price on Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Morgan Stanley raised their price target on shares of Consolidated Edison from $93.00 to $100.00 and gave the company an “underweight” rating in a research note on Wednesday, October 22nd. Finally, Bank of America cut shares of Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $104.75.

Consolidated Edison Stock Performance

Shares of ED stock opened at $102.95 on Wednesday. The firm has a market capitalization of $37.16 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.70 and a beta of 0.32. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The business’s 50-day moving average price is $99.23 and its 200-day moving average price is $101.00. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same period last year, the firm 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 Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Wednesday, November 19th. Consolidated Edison’s payout ratio is 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.