ZWJ Investment Counsel Inc. bought a new position in Edison International (NYSE:EIX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,142 shares of the utilities provider’s stock, valued at approximately $807,000.
Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Edison International by 0.5% in the fourth quarter. State Street Corp now owns 25,627,938 shares of the utilities provider’s stock worth $1,844,971,000 after buying an additional 118,129 shares during the last quarter. Macquarie Group Ltd. increased its stake in Edison International by 8.6% in the fourth quarter. Macquarie Group Ltd. now owns 11,222,827 shares of the utilities provider’s stock worth $807,931,000 after buying an additional 885,507 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Edison International by 14.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 11,220,099 shares of the utilities provider’s stock worth $810,652,000 after buying an additional 1,403,621 shares during the last quarter. Alliancebernstein L.P. increased its stake in Edison International by 6.1% in the first quarter. Alliancebernstein L.P. now owns 5,733,802 shares of the utilities provider’s stock worth $456,468,000 after buying an additional 330,071 shares during the last quarter. Finally, Norges Bank purchased a new stake in Edison International during the fourth quarter worth $300,299,000. Institutional investors own 81.30% of the company’s stock.
Shares of Edison International (NYSE EIX) traded down 0.90% during midday trading on Thursday, hitting $81.09. The company had a trading volume of 527,541 shares. The stock has a market capitalization of $26.42 billion, a price-to-earnings ratio of 19.21 and a beta of 0.15. Edison International has a one year low of $67.44 and a one year high of $82.82. The stock’s 50-day moving average price is $79.88 and its 200-day moving average price is $76.15.
Edison International (NYSE:EIX) last announced its earnings results on Monday, May 1st. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.21. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.71 billion. Edison International had a return on equity of 9.59% and a net margin of 8.80%. Edison International’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.82 EPS. Analysts predict that Edison International will post $4.21 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Friday, June 30th will be given a dividend of $0.5425 per share. This represents a $2.17 annualized dividend and a yield of 2.65%. The ex-dividend date is Wednesday, June 28th. Edison International’s dividend payout ratio is currently 80.67%.
EIX has been the subject of a number of recent research reports. Jefferies Group LLC restated a “hold” rating and set a $83.00 target price (up previously from $80.00) on shares of Edison International in a research report on Tuesday, May 2nd. BMO Capital Markets restated an “outperform” rating and set a $85.00 target price (up previously from $82.00) on shares of Edison International in a research report on Wednesday, May 3rd. Zacks Investment Research upgraded Edison International from a “sell” rating to a “hold” rating in a research report on Wednesday, February 8th. Deutsche Bank AG boosted their target price on Edison International from $79.00 to $81.00 and gave the stock a “hold” rating in a research report on Tuesday, April 11th. Finally, Mizuho restated a “buy” rating and set a $91.50 target price on shares of Edison International in a research report on Wednesday, April 19th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $82.41.
In related news, insider Ronald L. Litzinger sold 26,035 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $78.85, for a total transaction of $2,052,859.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vanessa C. L. Chang sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $79.03, for a total value of $197,575.00. Following the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at $197,575. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,192 shares of company stock valued at $2,542,995. 1.51% of the stock is owned by corporate insiders.
About Edison International
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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