SeaCrest Wealth Management LLC Reduces Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

SeaCrest Wealth Management LLC reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 9,409 shares of the utilities provider’s stock after selling 741 shares during the period. SeaCrest Wealth Management LLC’s holdings in Consolidated Edison were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Ellsworth Advisors LLC grew its stake in Consolidated Edison by 2.4% during the 4th quarter. Ellsworth Advisors LLC now owns 48,875 shares of the utilities provider’s stock valued at $4,446,000 after purchasing an additional 1,126 shares in the last quarter. Evanson Asset Management LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $200,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $3,093,000. First National Corp MA ADV acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $205,000. Finally, Tectonic Advisors LLC grew its position in shares of Consolidated Edison by 6.1% in the 4th quarter. Tectonic Advisors LLC now owns 41,322 shares of the utilities provider’s stock worth $3,759,000 after acquiring an additional 2,382 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock traded up $0.76 during mid-day trading on Friday, hitting $90.81. 1,785,835 shares of the company’s stock traded hands, compared to its average volume of 1,679,056. The firm has a 50 day moving average price of $88.94 and a 200 day moving average price of $89.54. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The company has a market cap of $31.38 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 8.49 and a beta of 0.35. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.92.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Wednesday, February 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Tuesday, February 13th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.81. Consolidated Edison’s payout ratio is currently 46.24%.

Analyst Ratings Changes

Several brokerages have recently commented on ED. LADENBURG THALM/SH SH began coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price for the company. UBS Group decreased their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Scotiabank lifted their target price on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, February 20th. Finally, Royal Bank of Canada decreased their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus price target of $87.96.

Consolidated Edison Company Profile

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.