ProShare Advisors LLC Lowers Stake in Consolidated Edison Inc $ED

ProShare Advisors LLC trimmed its position in Consolidated Edison Inc (NYSE:ED) by 22.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,503,484 shares of the utilities provider’s stock after selling 446,368 shares during the quarter. ProShare Advisors LLC’s holdings in Consolidated Edison were worth $150,875,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. AG2R LA Mondiale Gestion D Actifs acquired a new stake in shares of Consolidated Edison during the first quarter worth approximately $1,631,000. RDA Financial Network bought a new position in Consolidated Edison during the 2nd quarter valued at $367,000. Nordea Investment Management AB boosted its stake in Consolidated Edison by 11.4% during the 2nd quarter. Nordea Investment Management AB now owns 19,850 shares of the utilities provider’s stock valued at $1,973,000 after acquiring an additional 2,027 shares during the last quarter. Wesbanco Bank Inc. grew its holdings in Consolidated Edison by 39.8% during the 2nd quarter. Wesbanco Bank Inc. now owns 11,305 shares of the utilities provider’s stock worth $1,134,000 after acquiring an additional 3,218 shares in the last quarter. Finally, Tredje AP fonden bought a new stake in shares of Consolidated Edison in the 2nd quarter worth about $10,044,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Bank of America lowered Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $112.00 to $101.00 in a report on Friday, August 15th. Wells Fargo & Company upgraded Consolidated Edison to a “hold” rating in a report on Tuesday, October 28th. Barclays reduced their price objective on Consolidated Edison from $107.00 to $105.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 21st. Morgan Stanley boosted their target price 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, KeyCorp increased their target price on shares of Consolidated Edison from $88.00 to $90.00 and gave the stock an “underweight” rating in a report on Wednesday, October 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, Consolidated Edison currently has an average rating of “Reduce” and an average price target of $105.08.

Consolidated Edison Trading Up 1.5%

NYSE:ED opened at $98.43 on Monday. The firm has a market capitalization of $35.50 billion, a P/E ratio of 17.86, a P/E/G ratio of 2.70 and a beta of 0.32. The business has a 50 day simple moving average of $98.74 and a 200 day simple moving average of $101.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

Consolidated Edison (NYSE:ED) last posted its earnings results 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. The company had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same period last year, the business posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Equities research analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be given a $0.85 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.5%. Consolidated Edison’s dividend 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.