Allstate Corp Purchases 13,428 Shares of Consolidated Edison Inc $ED

Allstate Corp grew its stake in Consolidated Edison Inc (NYSE:ED) by 102.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 26,584 shares of the utilities provider’s stock after buying an additional 13,428 shares during the period. Allstate Corp’s holdings in Consolidated Edison were worth $2,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Meadowbrook Wealth Management LLC grew its position in Consolidated Edison by 2.2% in the 4th quarter. Meadowbrook Wealth Management LLC now owns 4,687 shares of the utilities provider’s stock worth $466,000 after purchasing an additional 100 shares during the last quarter. bLong Financial LLC grew its position in Consolidated Edison by 1.3% in the 4th quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock worth $772,000 after purchasing an additional 100 shares during the last quarter. Bridgewater Advisors Inc. grew its position in Consolidated Edison by 1.6% in the 4th quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock worth $689,000 after purchasing an additional 105 shares during the last quarter. HighPoint Advisor Group LLC grew its position in Consolidated Edison by 0.7% in the 3rd quarter. HighPoint Advisor Group LLC now owns 14,811 shares of the utilities provider’s stock worth $1,489,000 after purchasing an additional 110 shares during the last quarter. Finally, JFS Wealth Advisors LLC grew its position in Consolidated Edison by 36.4% in the 3rd quarter. JFS Wealth Advisors LLC now owns 412 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 110 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Consolidated Edison

In related news, SVP Deneen L. Donnley sold 1,922 shares of Consolidated Edison stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $113.94, for a total transaction of $218,992.68. Following the completion of the transaction, the senior vice president directly owned 32,453 shares of the company’s stock, valued at $3,697,694.82. This trade represents a 5.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ED has been the topic of several recent research reports. Barclays decreased their target price on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Mizuho set a $118.00 target price on shares of Consolidated Edison in a research report on Monday, February 23rd. Wells Fargo & Company set a $98.00 target price on shares of Consolidated Edison in a research report on Tuesday, April 21st. KeyCorp lifted their target price on shares of Consolidated Edison from $96.00 to $97.00 and gave the company an “underweight” rating in a research report on Tuesday, April 21st. Finally, Scotiabank lifted their target price on shares of Consolidated Edison from $113.00 to $117.00 and gave the company a “sector perform” rating in a research report on Friday, February 20th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Reduce” and a consensus price target of $108.71.

Consolidated Edison Trading Up 0.5%

Shares of ED stock opened at $108.22 on Thursday. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The company has a market capitalization of $39.88 billion, a P/E ratio of 18.22, a P/E/G ratio of 2.73 and a beta of 0.29. The firm has a 50-day moving average price of $110.09 and a 200 day moving average price of $106.04. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 7th. The utilities provider reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($0.10). Consolidated Edison had a net margin of 12.52% and a return on equity of 8.33%. The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same period in the prior year, the business earned $2.26 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Research analysts forecast that Consolidated Edison Inc will post 6.09 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, May 13th will be issued a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, May 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.76%.

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.