Retirement Systems of Alabama Grows Holdings in Consolidated Edison Inc $ED

Retirement Systems of Alabama boosted its holdings in Consolidated Edison Inc (NYSE:ED) by 3.8% in the 2nd quarter, Holdings Channel reports. The firm owned 77,312 shares of the utilities provider’s stock after purchasing an additional 2,861 shares during the period. Retirement Systems of Alabama’s holdings in Consolidated Edison were worth $7,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Consolidated Edison by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider’s stock valued at $4,768,319,000 after purchasing an additional 661,432 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Consolidated Edison by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,868,772 shares of the utilities provider’s stock valued at $538,437,000 after purchasing an additional 48,323 shares during the last quarter. Deutsche Bank AG raised its position 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 purchasing an additional 2,223,959 shares during the last quarter. JPMorgan Chase & Co. raised its position in 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 purchasing an additional 1,441,785 shares during the last quarter. Finally, ATLAS Infrastructure Partners UK Ltd. purchased a new stake in Consolidated Edison in the 1st quarter valued at $254,205,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the subject of a number of analyst reports. Wells Fargo & Company upgraded shares of Consolidated Edison to a “hold” rating in a research report on Tuesday, October 28th. Bank of America downgraded shares of Consolidated Edison from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. New Street Research set a $106.00 price objective on shares of Consolidated Edison in a research report on Monday, October 6th. Barclays cut their price objective on shares of Consolidated Edison from $107.00 to $105.00 and set an “underweight” rating for the company in a research report on Tuesday, October 21st. Finally, Mizuho upped their price objective on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Reduce” and a consensus target price of $105.08.

Consolidated Edison Stock Performance

Shares of ED opened at $96.63 on Tuesday. The company has a 50-day simple moving average of $98.88 and a 200-day simple moving average of $101.93. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $34.85 billion, a PE ratio of 17.54, a P/E/G ratio of 2.70 and a beta of 0.32. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter last year, the firm posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Equities research analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business 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 $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, November 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 61.71%.

Consolidated Edison Profile

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.