Spire Wealth Management Sells 498 Shares of Consolidated Edison, Inc. (NYSE:ED)

Spire Wealth Management lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,862 shares of the utilities provider’s stock after selling 498 shares during the quarter. Spire Wealth Management’s holdings in Consolidated Edison were worth $976,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Raymond James Financial Services Advisors Inc. lifted its position in shares of Consolidated Edison by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 110,604 shares of the utilities provider’s stock worth $9,460,000 after purchasing an additional 6,715 shares during the last quarter. Strs Ohio lifted its holdings in shares of Consolidated Edison by 3.9% during the third quarter. Strs Ohio now owns 27,448 shares of the utilities provider’s stock worth $2,347,000 after buying an additional 1,024 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Consolidated Edison by 15.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 98,962 shares of the utilities provider’s stock valued at $8,464,000 after acquiring an additional 13,205 shares during the period. Park Avenue Securities LLC grew its stake in shares of Consolidated Edison by 53.4% in the third quarter. Park Avenue Securities LLC now owns 25,871 shares of the utilities provider’s stock worth $2,213,000 after acquiring an additional 9,005 shares during the last quarter. Finally, TIAA Trust National Association bought a new position in Consolidated Edison during the third quarter worth $2,017,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ED. UBS Group reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Barclays lifted their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Wells Fargo & Company boosted their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Scotiabank reduced their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Finally, Royal Bank of Canada decreased their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $88.46.

Consolidated Edison Price Performance

Shares of ED stock opened at $97.55 on Thursday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The stock’s fifty day simple moving average is $90.62 and its 200 day simple moving average is $90.28. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.08. The firm has a market cap of $33.74 billion, a price-to-earnings ratio of 18.72, a P/E/G ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Consolidated Edison 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.