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

Spire Wealth Management lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.4% in the 4th quarter, HoldingsChannel.com reports. 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 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ED. Financial Gravity Asset Management Inc. increased its holdings in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $29,000. Bruce G. Allen Investments LLC acquired a new position in Consolidated Edison during the fourth quarter valued at $31,000. CVA Family Office LLC purchased a new stake in Consolidated Edison in the fourth quarter valued at $32,000. Finally, Venturi Wealth Management LLC grew its position in Consolidated Edison by 62.2% during the 3rd quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 183 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Barclays upped their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday. UBS Group lowered their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Royal Bank of Canada reduced their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Scotiabank cut 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, Wells Fargo & Company increased their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $88.46.

Consolidated Edison Stock Up 0.1 %

Shares of NYSE ED opened at $97.55 on Thursday. The stock has a market cap of $33.74 billion, a PE ratio of 18.72, a P/E/G ratio of 8.99 and a beta of 0.34. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.08. The company has a 50-day moving average of $90.62 and a 200 day moving average of $90.28.

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

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued 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 is currently 63.72%.

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.