Bank of Nova Scotia Lowers Stake in Consolidated Edison Inc $ED

Bank of Nova Scotia lessened its stake in shares of Consolidated Edison Inc (NYSE:ED) by 56.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,401 shares of the utilities provider’s stock after selling 95,030 shares during the quarter. Bank of Nova Scotia’s holdings in Consolidated Edison were worth $7,466,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Capital Advisors Ltd. LLC boosted its position in Consolidated Edison by 53.2% during the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 109 shares in the last quarter. Financial Network Wealth Advisors LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $33,000. Bogart Wealth LLC grew its position in shares of Consolidated Edison by 886.5% in the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after buying an additional 328 shares during the last quarter. SJS Investment Consulting Inc. grew its position in shares of Consolidated Edison by 1,677.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock worth $39,000 after buying an additional 369 shares during the last quarter. Finally, HFM Investment Advisors LLC bought a new position in shares of Consolidated Edison during the 1st quarter worth approximately $52,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

Shares of ED opened at $95.44 on Thursday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The stock has a 50-day moving average of $99.36 and a two-hundred day moving average of $100.23. The stock has a market cap of $34.45 billion, a P/E ratio of 16.69, a P/E/G ratio of 2.78 and a beta of 0.37. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same period in the previous year, the business earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, research analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, November 19th. Consolidated Edison’s dividend payout ratio is 59.44%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. KeyCorp raised their target price on shares of Consolidated Edison from $88.00 to $90.00 and gave the company an “underweight” rating in a research note on Wednesday, October 15th. Morgan Stanley reissued an “underweight” rating and issued a $98.00 price objective on shares of Consolidated Edison in a research report on Thursday, November 20th. Evercore ISI initiated coverage on Consolidated Edison in a research report on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price on the stock. Barclays decreased their price target on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research note on Monday, November 10th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $104.58.

Consolidated Edison Company 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.