Sequoia Financial Advisors LLC Buys 4,548 Shares of Consolidated Edison, Inc. (NYSE:ED)

Sequoia Financial Advisors LLC boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 84.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,904 shares of the utilities provider’s stock after purchasing an additional 4,548 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Consolidated Edison were worth $901,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Retirement Group LLC boosted its position in Consolidated Edison by 74.8% during the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares during the period. Financial Gravity Asset Management Inc. boosted its position in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares during the period. Level Financial Advisors Inc. bought a new position in Consolidated Edison during the third quarter worth $26,000. Tyler Stone Wealth Management bought a new position in Consolidated Edison during the second quarter worth $28,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison during the fourth quarter worth $29,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Up 0.1 %

ED opened at $88.63 on Monday. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.92. The company has a 50-day simple moving average of $88.91 and a 200 day simple moving average of $89.49. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $30.62 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 8.36 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. Analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Wednesday, February 14th were paid a dividend of $0.83 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.81. The ex-dividend date was Tuesday, February 13th. This represents a $3.32 annualized dividend and a yield of 3.75%. Consolidated Edison’s payout ratio is presently 46.24%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ED. Barclays lifted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Royal Bank of Canada reduced 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 report on Friday, February 16th. Scotiabank boosted their target price on shares of Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research report on Tuesday, February 20th. LADENBURG THALM/SH SH assumed coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price for the company. Finally, KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $87.96.

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.