SOA Wealth Advisors LLC. Trims Position in Consolidated Edison Inc $ED

SOA Wealth Advisors LLC. decreased its position in shares of Consolidated Edison Inc (NYSE:ED) by 2.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,741 shares of the utilities provider’s stock after selling 362 shares during the quarter. SOA Wealth Advisors LLC.’s holdings in Consolidated Edison were worth $1,379,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ED. Exchange Traded Concepts LLC lifted its stake in Consolidated Edison by 1.0% during the 2nd quarter. Exchange Traded Concepts LLC now owns 11,050 shares of the utilities provider’s stock valued at $1,109,000 after acquiring an additional 109 shares during the period. Farther Finance Advisors LLC boosted its holdings in Consolidated Edison by 1.3% in the second quarter. Farther Finance Advisors LLC now owns 8,896 shares of the utilities provider’s stock valued at $893,000 after purchasing an additional 110 shares during the last quarter. Western Wealth Management LLC grew its position in Consolidated Edison by 0.7% during the 1st quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider’s stock worth $1,781,000 after purchasing an additional 116 shares during the period. Eastern Bank raised its stake in shares of Consolidated Edison by 2.9% during the 1st quarter. Eastern Bank now owns 4,294 shares of the utilities provider’s stock valued at $475,000 after buying an additional 120 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock valued at $34,000 after buying an additional 120 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ED has been the subject of several recent research reports. KeyCorp reiterated an “overweight” rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $95.00 to $93.00 and set an “underweight” rating for the company in a report on Thursday, September 25th. Bank of America lowered shares of Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $112.00 to $101.00 in a research note on Friday, August 15th. Scotiabank increased their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Monday, August 11th. Finally, Barclays boosted their price objective on Consolidated Edison from $101.00 to $107.00 and gave the company an “underweight” rating in a research report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average price target of $105.91.

Consolidated Edison Stock Down 2.4%

Shares of NYSE:ED opened at $98.16 on Thursday. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The stock has a market cap of $35.40 billion, a P/E ratio of 17.81, a PEG ratio of 2.79 and a beta of 0.32. The business has a fifty day moving average of $100.10 and a two-hundred day moving average of $103.43. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 61.71%.

About Consolidated Edison

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.