Edison International (NYSE:EIX) Stock Price Up 5.5% After Dividend Announcement

Edison International (NYSE:EIX)’s share price traded up 5.5% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $53.87 and last traded at $54.14. 534,074 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 6,186,142 shares. The stock had previously closed at $51.34.

The newly announced dividend which will be paid on Wednesday, April 30th. Shareholders of record on Monday, April 7th will be given a dividend of $0.8275 per share. This represents a $3.31 annualized dividend and a dividend yield of 6.09%. Edison International’s dividend payout ratio is currently 97.07%.

Analysts Set New Price Targets

A number of analysts recently commented on EIX shares. Jefferies Financial Group started coverage on Edison International in a research report on Thursday, November 7th. They set a “buy” rating and a $93.00 price target for the company. Guggenheim downgraded Edison International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 23rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $72.00 target price on shares of Edison International in a research note on Wednesday, February 12th. Barclays cut their price target on shares of Edison International from $76.00 to $67.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Finally, Morgan Stanley lowered their price objective on shares of Edison International from $71.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, February 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.11.

Edison International Price Performance

The firm has a market cap of $21.03 billion, a P/E ratio of 15.90, a PEG ratio of 1.07 and a beta of 0.90. The business’s fifty day simple moving average is $61.88 and its 200-day simple moving average is $76.70. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96.

Edison International (NYSE:EIX) last released its quarterly earnings data on Thursday, February 27th. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.03). The company had revenue of $17.60 billion for the quarter, compared to the consensus estimate of $3.92 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. As a group, analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Edison International

A number of institutional investors and hedge funds have recently modified their holdings of the company. Crews Bank & Trust bought a new stake in Edison International during the 4th quarter worth approximately $25,000. Highline Wealth Partners LLC bought a new position in shares of Edison International in the third quarter worth $26,000. Groupama Asset Managment raised its position in shares of Edison International by 0.8% in the third quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock worth $26,000 after buying an additional 237 shares in the last quarter. Larson Financial Group LLC boosted its stake in Edison International by 125.0% during the third quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock valued at $31,000 after buying an additional 195 shares during the period. Finally, Prospera Private Wealth LLC bought a new stake in Edison International during the third quarter valued at $32,000. 88.95% of the stock is owned by hedge funds and other institutional investors.

Edison International Company Profile

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.