Edison International (NYSE:EIX) to Issue Quarterly Dividend of $0.78

Edison International (NYSE:EIX) declared a quarterly dividend on Wednesday, June 26th, RTT News reports. Shareholders of record on Monday, July 8th will be given a dividend of 0.78 per share by the utilities provider on Wednesday, July 31st. This represents a $3.12 annualized dividend and a yield of 4.34%.

Edison International has increased its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend every year for the last 21 years. Edison International has a dividend payout ratio of 55.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Edison International to earn $5.58 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 55.9%.

Edison International Stock Down 0.0 %

Shares of NYSE:EIX traded down $0.01 during trading on Wednesday, reaching $71.85. 1,173,008 shares of the company traded hands, compared to its average volume of 2,061,387. The firm has a market cap of $27.64 billion, a P/E ratio of 31.56 and a beta of 0.95. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 2.04. Edison International has a 1-year low of $58.82 and a 1-year high of $77.04. The firm has a fifty day simple moving average of $73.26 and a 200 day simple moving average of $70.40.

Edison International (NYSE:EIX) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. Edison International had a net margin of 6.14% and a return on equity of 12.48%. The firm had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $4.16 billion. During the same period in the prior year, the firm earned $1.09 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts anticipate that Edison International will post 4.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Caroline Choi sold 10,004 shares of Edison International stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the sale, the senior vice president now owns 26,918 shares of the company’s stock, valued at approximately $2,039,576.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Edison International news, CEO J Andrew Murphy sold 9,794 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $75.07, for a total transaction of $735,235.58. Following the completion of the transaction, the chief executive officer now owns 19,660 shares in the company, valued at approximately $1,475,876.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Caroline Choi sold 10,004 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total transaction of $758,003.08. Following the completion of the transaction, the senior vice president now owns 26,918 shares of the company’s stock, valued at approximately $2,039,576.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,897 shares of company stock valued at $5,851,245. 1.03% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on EIX. Mizuho increased their price target on shares of Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Royal Bank of Canada decreased their price target on shares of Edison International from $81.00 to $80.00 and set an “outperform” rating for the company in a research report on Thursday, March 7th. The Goldman Sachs Group initiated coverage on shares of Edison International in a research note on Wednesday, April 10th. They set a “neutral” rating and a $78.00 target price on the stock. Argus raised their price objective on shares of Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Finally, Barclays raised their price objective on shares of Edison International from $72.00 to $75.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $77.40.

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.