Allianz Asset Management GmbH Cuts Position in Consolidated Edison Inc $ED

Allianz Asset Management GmbH lowered its position in Consolidated Edison Inc (NYSE:ED) by 4.5% in the third quarter, Holdings Channel reports. The fund owned 743,268 shares of the utilities provider’s stock after selling 35,259 shares during the period. Allianz Asset Management GmbH’s holdings in Consolidated Edison were worth $74,713,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Consolidated Edison during the second quarter worth $462,218,000. Vanguard Group Inc. raised its stake in Consolidated Edison by 4.5% in the second quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after buying an additional 1,923,717 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in Consolidated Edison by 2,190.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock worth $98,158,000 after buying an additional 935,463 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in shares of Consolidated Edison during the 3rd quarter worth about $60,497,000. Finally, Geode Capital Management LLC boosted its position in shares of Consolidated Edison by 6.1% during the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock worth $979,204,000 after acquiring an additional 566,358 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the transaction, the director owned 38,661 shares in the company, valued at $3,745,864.29. This trade represents a 5.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $107.46 on Wednesday. Consolidated Edison Inc has a one year low of $93.52 and a one year high of $114.87. The stock has a market capitalization of $38.79 billion, a price-to-earnings ratio of 18.79, a PEG ratio of 2.87 and a beta of 0.38. The company has a 50-day simple moving average of $100.37 and a 200-day simple moving average of $100.20. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the firm earned $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be given a $0.8875 dividend. The ex-dividend date is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.44%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ED. JPMorgan Chase & Co. decreased their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research note on Friday, December 12th. TD Cowen assumed coverage on shares of Consolidated Edison in a report on Friday, January 9th. They set a “hold” rating and a $105.00 price objective on the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $118.00 price objective on shares of Consolidated Edison in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research report on Monday, December 29th. Finally, Barclays cut their price target on shares of Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Reduce” and an average price target of $104.20.

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.