Con Edison Q3 EPS beats estimates by $0.14, raises FY25 guidance
Consolidated Edison reported Q3 EPS of $1.90, beating consensus by $0.14 on $4.53B revenue, and set FY25 EPS guidance of $5.60-5.70. Vanguard increased its stake by 4.5% to 45.04M shares while Allspring trimmed its position by 23.8% to 21,286 shares.
1. Allspring Global Investments Reduces Stake
Allspring Global Investments Holdings LLC trimmed its position in Consolidated Edison Inc by 23.8% during the third quarter, disposing of 6,644 shares and ending the period with 21,286 shares. The stake reduction lowered Allspring’s holding value to approximately $2.09 million as of the September 30 filing with the Securities and Exchange Commission. This move marks one of the more significant institutional adjustments to Con Edison’s shareholder base during the quarter.
2. Other Institutional Movements Highlight Confidence
Several major investors expanded their exposure to Con Edison in the second quarter. Vanguard Group Inc added 1.92 million shares, lifting its holding to 45.04 million shares valued at roughly $4.52 billion. Geode Capital Management increased its stake by 566,358 shares to 9.80 million shares, representing nearly $979 million. New entrants and buyers included Norges Bank, which initiated a position valued at about $462 million, and ATLAS Infrastructure Partners UK Ltd, which added 110,666 shares for a total holding worth $242 million. Charles Schwab Investment Management also grew its stake by 104,643 shares to 2.38 million shares ($238 million). Institutional investors collectively command just over two-thirds of outstanding stock.
3. Third-Quarter Earnings and Guidance
Consolidated Edison reported third-quarter adjusted earnings per share of $1.90, surpassing consensus estimates by $0.14, on revenues of $4.53 billion, beating forecasts by $310 million. The utility achieved a net margin of 12.27% and a return on equity of 8.79%. Management reaffirmed full-year 2025 earnings guidance of $5.60 to $5.70 per share, with analysts projecting a consensus of $5.62. These results reflect the company’s continued investment in grid reliability and gas distribution, although regulatory review timelines remain a key variable for cost recovery.
4. Dividend Policy and Analyst Ratings
Con Edison declared a quarterly dividend of $0.85 per share, payable to shareholders of record in mid-November, representing an annualized payout of $3.40 and a yield of 3.4%. The company’s payout ratio stands at 59.4%. On the analyst front, three firms maintain a Buy recommendation, seven issue Hold, and five issue Sell, yielding a consensus rating of Reduce. Price targets range from $92 to $114, with recent downward adjustments by Morgan Stanley and JPMorgan reflecting concerns over rate case timing and capital spending recoveries.