SeaCrest Wealth Management LLC Sells 2,336 Shares of Consolidated Edison, Inc. (NYSE:ED)

SeaCrest Wealth Management LLC reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 24.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,073 shares of the utilities provider’s stock after selling 2,336 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Consolidated Edison were worth $642,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ED. Norges Bank bought a new stake in Consolidated Edison during the fourth quarter worth $243,511,000. International Assets Investment Management LLC raised its position in Consolidated Edison by 9,063.6% during the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after acquiring an additional 513,364 shares in the last quarter. Retirement Systems of Alabama raised its position in Consolidated Edison by 408.8% during the fourth quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock worth $36,101,000 after acquiring an additional 318,858 shares in the last quarter. Pinebridge Investments L.P. raised its position in Consolidated Edison by 56.1% during the fourth quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock worth $63,927,000 after acquiring an additional 252,617 shares in the last quarter. Finally, AMF Tjanstepension AB bought a new stake in Consolidated Edison during the first quarter worth $13,193,000. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Scotiabank dropped their price objective on shares of 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. Morgan Stanley dropped their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Barclays increased their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Finally, Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average target price of $89.27.

Consolidated Edison Price Performance

NYSE:ED opened at $88.71 on Thursday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $98.85. The firm has a market cap of $30.68 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 2.27 and a beta of 0.34. The firm’s 50-day simple moving average is $93.40 and its 200 day simple moving average is $91.08. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (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 net margin of 12.43% and a return on equity of 8.79%. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 earnings per share. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.83 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.74%. Consolidated Edison’s payout ratio is 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.