Romano Brothers AND Company Acquires New Stake in Consolidated Edison, Inc. (NYSE:ED)

Posted by on Mar 26th, 2023

Romano Brothers AND Company acquired a new stake in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,708 shares of the utilities provider’s stock, valued at approximately $163,000.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 1.1% during the third quarter. Vanguard Group Inc. now owns 42,918,192 shares of the utilities provider’s stock valued at $3,680,664,000 after acquiring an additional 483,980 shares during the period. Legal & General Group Plc increased its stake in shares of Consolidated Edison by 0.7% during the second quarter. Legal & General Group Plc now owns 6,454,457 shares of the utilities provider’s stock valued at $613,822,000 after acquiring an additional 46,601 shares during the period. Northern Trust Corp grew its position in Consolidated Edison by 2.0% in the second quarter. Northern Trust Corp now owns 4,118,917 shares of the utilities provider’s stock worth $391,709,000 after buying an additional 82,719 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Consolidated Edison by 7.4% in the third quarter. UBS Asset Management Americas Inc. now owns 4,087,000 shares of the utilities provider’s stock worth $350,501,000 after buying an additional 281,500 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Consolidated Edison by 6.8% in the third quarter. Bank of New York Mellon Corp now owns 3,072,363 shares of the utilities provider’s stock worth $263,485,000 after buying an additional 196,032 shares during the last quarter. Institutional investors and hedge funds own 64.95% of the company’s stock.

Consolidated Edison Trading Up 3.6 %

Shares of NYSE:ED opened at $95.07 on Friday. The firm has a fifty day moving average of $92.95 and a two-hundred day moving average of $92.81. The firm has a market capitalization of $33.75 billion, a P/E ratio of 20.36, a price-to-earnings-growth ratio of 9.53 and a beta of 0.35. Consolidated Edison, Inc. has a 12-month low of $78.10 and a 12-month high of $102.21. The company has a quick ratio of 1.10, a current ratio of 1.14 and a debt-to-equity ratio of 0.96.

Consolidated Edison (NYSE:ED – Get Rating) last issued its earnings results on Thursday, February 16th. The utilities provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $3.18 billion. Consolidated Edison had a net margin of 10.59% and a return on equity of 7.79%. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter last year, the business posted $1.00 EPS. On average, equities analysts expect that Consolidated Edison, Inc. will post 4.84 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th were paid a dividend of $0.81 per share. The ex-dividend date was Tuesday, February 14th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.41%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.79. Consolidated Edison’s dividend payout ratio (DPR) is 69.38%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating on the stock in a research report on Thursday, February 2nd. Argus upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a research report on Wednesday. Credit Suisse Group decreased their price target on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating on the stock in a research report on Friday, February 17th. Royal Bank of Canada lifted their price target on shares of Consolidated Edison from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research report on Monday, February 27th. Finally, Mizuho lowered their price objective on shares of Consolidated Edison from $98.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, February 17th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.92.

Consolidated Edison Profile

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.

See Also

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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