Bank of New York Mellon Corp Has $230.08 Million Stock Position in Consolidated Edison Inc $ED

Bank of New York Mellon Corp increased its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 2.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,288,918 shares of the utilities provider’s stock after acquiring an additional 45,110 shares during the quarter. Bank of New York Mellon Corp’s holdings in Consolidated Edison were worth $230,082,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Consolidated Edison by 3.0% in 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 during the period. Atlantic Union Bankshares Corp lifted its stake in 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. boosted its holdings 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 during the period. CWM LLC increased its position in shares of Consolidated Edison by 12.6% during the third quarter. CWM LLC now owns 255,577 shares of the utilities provider’s stock worth $25,691,000 after acquiring an additional 28,606 shares in the last quarter. Finally, Texas Yale Capital Corp. raised its holdings in shares of Consolidated Edison by 41.8% during the second quarter. Texas Yale Capital Corp. now owns 16,627 shares of the utilities provider’s stock worth $1,669,000 after acquiring an additional 4,900 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ED shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. Wells Fargo & Company decreased their price objective on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. UBS Group lifted their target price on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Morgan Stanley reaffirmed an “underweight” rating and set a $96.00 price target on shares of Consolidated Edison in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $118.00 price objective on shares of Consolidated Edison in a report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $104.20.

Consolidated Edison Stock Up 0.6%

ED stock opened at $106.63 on Friday. The company has a market cap of $38.49 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 2.89 and a beta of 0.39. Consolidated Edison Inc has a twelve month low of $93.24 and a twelve month high of $114.87. The business has a 50 day moving average price of $100.06 and a two-hundred day moving average price of $100.12. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03.

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 analysts’ consensus estimates of $1.76 by $0.14. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same quarter in the prior year, the business posted $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

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

Insider Activity at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction dated 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 directly owned 38,661 shares in the company, valued at $3,745,864.29. The trade was a 5.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by company insiders.

About Consolidated Edison

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.