JPMorgan Chase & Co. Reduces Stake in Edison International (NYSE:EIX)

JPMorgan Chase & Co. lowered its stake in Edison International (NYSE:EIX) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,566,483 shares of the utilities provider’s stock after selling 112,020 shares during the quarter. JPMorgan Chase & Co.’s holdings in Edison International were worth $397,695,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in EIX. Highline Wealth Partners LLC bought a new position in shares of Edison International in the third quarter valued at approximately $26,000. Eastern Bank purchased a new stake in Edison International in the 3rd quarter worth approximately $27,000. Larson Financial Group LLC boosted its holdings in Edison International by 125.0% in the 3rd quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 195 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Edison International in the third quarter worth $32,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Edison International in the second quarter worth $27,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Edison International Price Performance

EIX stock opened at $79.79 on Friday. Edison International has a 12-month low of $63.15 and a 12-month high of $88.77. The stock has a market capitalization of $30.89 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.96 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The firm’s 50-day moving average price is $83.29 and its two-hundred day moving average price is $81.50.

Edison International (NYSE:EIX) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.13. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $1.38 EPS. As a group, equities analysts predict that Edison International will post 4.94 earnings per share for the current year.

Edison International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, January 7th will be given a $0.8275 dividend. This represents a $3.31 annualized dividend and a dividend yield of 4.15%. This is a boost from Edison International’s previous quarterly dividend of $0.78. The ex-dividend date is Tuesday, January 7th. Edison International’s dividend payout ratio (DPR) is currently 97.07%.

Insider Activity

In related news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

EIX has been the topic of a number of research analyst reports. Barclays upped their target price on Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Bank of America initiated coverage on shares of Edison International in a research note on Thursday, September 12th. They issued a “buy” rating and a $95.00 target price on the stock. Royal Bank of Canada increased their price target on shares of Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Wells Fargo & Company upped their target price on shares of Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley lowered their price target on Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.58.

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.