Clearstead Trust LLC Trims Position in Consolidated Edison, Inc. (NYSE:ED)

Clearstead Trust LLC trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 29.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,377 shares of the utilities provider’s stock after selling 4,233 shares during the period. Clearstead Trust LLC’s holdings in Consolidated Edison were worth $944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Dakota Wealth Management purchased a new stake in Consolidated Edison in the third quarter worth about $617,000. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Consolidated Edison by 6.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 110,604 shares of the utilities provider’s stock valued at $9,460,000 after purchasing an additional 6,715 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in Consolidated Edison by 43.2% during the third quarter. Stratos Wealth Partners LTD. now owns 9,764 shares of the utilities provider’s stock valued at $835,000 after buying an additional 2,944 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in Consolidated Edison by 2.8% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 169,600 shares of the utilities provider’s stock worth $14,506,000 after buying an additional 4,600 shares in the last quarter. Finally, Forsta AP Fonden lifted its holdings in Consolidated Edison by 3.0% during the third quarter. Forsta AP Fonden now owns 135,700 shares of the utilities provider’s stock worth $11,606,000 after buying an additional 3,900 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. UBS Group cut their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Barclays increased their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Finally, Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average price target of $87.75.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded up $0.31 on Friday, reaching $95.56. 2,465,195 shares of the stock were exchanged, compared to its average volume of 2,284,421. The business has a 50 day moving average price of $90.21 and a two-hundred day moving average price of $90.13. The firm has a market capitalization of $33.02 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 8.97 and a beta of 0.34. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.83 EPS. Analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.