Community Bank N.A., an institutional investor, has recently made a significant move in its position regarding Consolidated Edison, Inc. (NYSE:ED). According to the latest disclosure filed with the Securities & Exchange Commission (SEC), Community Bank N.A. reduced its ownership of Consolidated Edison shares by 25.2% during the first quarter of this year. This move resulted in the sale of 1,400 shares from Community Bank’s portfolio, leaving it with a remaining 4,160 shares worth $398,000.
Consolidated Edison, a utilities provider operating in the United States, shared its quarterly earnings data on May 4th of this year. The company reported an impressive earnings per share (EPS) of $1.83 for the quarter, surpassing analysts’ consensus estimates of $1.62 by an impressive margin of $0.21.
In terms of revenue generation during the same period, Consolidated Edison recorded $4.40 billion compared to analyst estimates of $4.01 billion. This demonstrates the company’s healthy financial performance during that quarter as it managed to achieve an increase in quarterly revenue by 8.4% when compared to the corresponding quarter in the previous year.
Consolidated Edison’s return on equity (ROE) was reported at 8.36%, indicating efficient utilization of shareholder funds by generating stable returns despite challenging market conditions and industry competition. Moreover, its net margin stood at a commendable 15.56%, further displaying its ability to generate profits after meeting all costs and expenses.
In light of these positive financial results, analysts are projecting that Consolidated Edison will continue its upward trajectory in earnings growth throughout this fiscal year. They anticipate an EPS value of approximately 4.86 for the current year.
Consolidated Edison operates through its subsidiaries and primarily serves customers within New York City and Westchester County through electric services reaching around 3.6 million customers. It also provides gas services to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County. Additionally, the company offers steam delivery services to roughly 1,530 customers in certain areas of Manhattan.
This move by Community Bank N.A. to reduce its position in Consolidated Edison sheds light on the ever-changing dynamics of the investment landscape. While it is certainly intriguing to observe these alterations, it is essential to monitor market trends closely as they can greatly influence investment decisions.
As of now, Consolidated Edison’s solid financial performance and positive market prospects position it as an attractive investment opportunity for those looking for stable returns within the utilities sector. However, due diligence must always be exercised before making any investment decisions – considering factors such as risk appetite and long-term objectives.
It will be interesting to witness how Consolidated Edison navigates through various challenges and capitalizes on opportunities that arise within the United States’ utility industry. Market watchers eagerly await further developments and announcements from this prominent utilities provider as it strives for continued success in future periods.
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Hedge Funds Take Interest in Consolidated Edison, Inc. Amidst Strong Financial Performance and Market Position
Consolidated Edison, Inc. (NYSE: ED), a leading provider of regulated electric, gas, and steam delivery services in the United States, has attracted attention from various hedge funds looking to make changes to their positions in the company. Recent reports indicate that Brandywine Oak Private Wealth LLC, Nordea Investment Management AB, CWA Asset Management Group LLC, First Trust Advisors LP, and GPS Wealth Strategies Group LLC have all made notable moves in relation to Consolidated Edison.
Brandywine Oak Private Wealth LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter of the previous fiscal year. The stake was valued at approximately $201,000. Similarly, Nordea Investment Management AB raised its stake by 4.9% during the same period and now owns 21,679 shares of Consolidated Edison’s stock worth $2,084,000. CWA Asset Management Group LLC also increased its stake by 4.4% during the first quarter and currently holds 4,080 shares valued at $390,000.
First Trust Advisors LP significantly boosted its stake by 10.3% in the fourth quarter and now possesses an impressive 1,010,189 shares of Consolidated Edison’s stock with a market value of $96,287,000. Additionally, GPS Wealth Strategies Group LLC recently entered the picture with a new position worth $306,000 during the first quarter.
It is essential to note that these hedge funds represent institutional investors who currently own about 67.30% of Consolidated Edison’s stock as of this writing.
On July 3rd,, Consolidated Edison’s stock opened at $90.40 on NYSE (New York Stock Exchange). The company boasts an impressive market capitalization of $31.33 billion and a price-to-earnings (P/E) ratio of 12.88 – both figures commanding respect among industry stakeholders.
The beta of Consolidated Edison stands at a modest 0.36, highlighting its relatively low volatility compared to the broader market. Furthermore, the company maintains a debt-to-equity ratio of 0.99, ensuring a balanced financial structure.
In terms of liquidity and solvency, Consolidated Edison has demonstrated strong performance. With a quick ratio of 1.11 and a current ratio of 1.20, the company possesses sufficient assets to cover its short-term liabilities effectively.
The stock’s recent moving averages provide valuable insight for potential investors. Consolidated Edison’s 50-day simple moving average is $94.84, while its two-hundred-day simple moving average is $94.73 – an indication that the stock has been relatively stable during this period.
Consolidated Edison operates in three main segments – electric services, gas services, and steam services – catering to millions of customers across New York City and Westchester County.
On top of its business operations, Consolidated Edison recently announced its quarterly dividend payment on Thursday, June 15th. Investors who held shares on record as of Wednesday, May 17th received a dividend payout of $0.81 per share. This translates to an annualized dividend amounting to $3.24 per share and represents an attractive dividend yield of 3.58%.
In light of these developments in Consolidated Edison’s position within the hedge funds market and key financial indicators such as market capitalization, P/E ratio, and dividend payouts, several research firms have weighed in on their outlook for ED.
JPMorgan Chase & Co., for instance, decreased its price target on Consolidated Edison from $89.00 to $80.00 in a research note published on June 7th. Bank of America likewise lowered their price target from $96 to $92 on June 28th.
StockNews.com began coverage on Consolidated Edison with a “hold” rating in a research note on May 18th. 3M reaffirmed a “maintain” rating on shares of Consolidated Edison on May 5th. Morgan Stanley, on the other hand, raised their price objective from $70.00 to $77.00 and assigned an underweight rating to the stock in a report dated April 20th.
In conclusion, Consolidated Edison’s recent activity within the hedge fund market has drawn attention to its position in the utilities sector. With notable stakeholders making changes to their positions and key figures such as market capitalization and dividend yield supporting its strong performance, Consolidated Edison remains an intriguing option for investors to consider, despite some analysts maintaining a more cautious outlook with hold or underweight ratings.