Kingswood Wealth Advisors LLC Sells 1,949 Shares of Consolidated Edison, Inc. (NYSE:ED)

Kingswood Wealth Advisors LLC lessened its holdings in Consolidated Edison, Inc. (NYSE:ED) by 42.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,631 shares of the utilities provider’s stock after selling 1,949 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Consolidated Edison were worth $235,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its position in shares of Consolidated Edison by 6.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,833 shares of the utilities provider’s stock valued at $1,416,000 after buying an additional 901 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Consolidated Edison by 0.7% in the 2nd quarter. Truist Financial Corp now owns 49,635 shares of the utilities provider’s stock valued at $4,438,000 after purchasing an additional 367 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Consolidated Edison by 8.7% in the 2nd quarter. Cetera Investment Advisers now owns 95,551 shares of the utilities provider’s stock worth $8,544,000 after purchasing an additional 7,629 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Consolidated Edison during the 2nd quarter valued at approximately $4,159,000. Finally, Centaurus Financial Inc. raised its holdings in Consolidated Edison by 9.0% during the 2nd quarter. Centaurus Financial Inc. now owns 5,713 shares of the utilities provider’s stock valued at $511,000 after buying an additional 471 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $93.90 on Friday. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock’s fifty day moving average price is $92.49 and its 200-day moving average price is $98.06. The firm has a market cap of $32.53 billion, a P/E ratio of 17.68, a P/E/G ratio of 2.95 and a beta of 0.38. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.62%. The ex-dividend date is Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 64.03%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ED shares. Barclays dropped their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Finally, Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $100.00.

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.