Edge Financial Advisors LLC Buys Shares of 8,815 Edison International (NYSE:EIX)

Edge Financial Advisors LLC purchased a new position in shares of Edison International (NYSE:EIX) in the third quarter, HoldingsChannel reports. The institutional investor purchased 8,815 shares of the utilities provider’s stock, valued at approximately $768,000.

Several other hedge funds also recently modified their holdings of EIX. Highline Wealth Partners LLC acquired a new position in Edison International in the 3rd quarter valued at approximately $26,000. Eastern Bank acquired a new position in shares of Edison International in the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC bought a new position in Edison International in the second quarter worth $27,000. Concord Wealth Partners boosted its stake in Edison International by 277.0% during the third quarter. Concord Wealth Partners now owns 377 shares of the utilities provider’s stock worth $33,000 after buying an additional 277 shares in the last quarter. Finally, Country Trust Bank acquired a new position in shares of Edison International in the 2nd quarter valued at $29,000. 88.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EIX has been the topic of several recent research reports. Argus lifted their target price on shares of Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Bank of America began coverage on Edison International in a report on Thursday, September 12th. They issued a “buy” rating and a $95.00 target price for the company. Evercore ISI boosted their price target on Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. UBS Group increased their price objective on Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Finally, Barclays reduced their target price on shares of Edison International from $91.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $87.55.

Edison International Price Performance

Shares of EIX stock traded up $0.12 during trading hours on Wednesday, reaching $83.26. 152,569 shares of the company were exchanged, compared to its average volume of 1,982,447. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.03 and a quick ratio of 0.96. The company has a market cap of $32.15 billion, a price-to-earnings ratio of 33.52, a P/E/G ratio of 1.94 and a beta of 0.91. The stock’s fifty day moving average is $85.52 and its two-hundred day moving average is $78.58. Edison International has a fifty-two week low of $62.21 and a fifty-two week high of $88.77.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.39 by $0.12. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $1.38 EPS. Sell-side analysts forecast that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, October 7th will be given a dividend of $0.78 per share. The ex-dividend date is Monday, October 7th. This represents a $3.12 dividend on an annualized basis and a yield of 3.75%. Edison International’s payout ratio is presently 125.30%.

Insider Activity

In related news, CEO J Andrew Murphy sold 1,362 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $85.00, for a total value of $115,770.00. Following the transaction, the chief executive officer now directly owns 19,850 shares in the company, valued at $1,687,250. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.20% of the company’s stock.

About Edison International

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.