Synovus Financial Corp lifted its holdings in shares of Edison International (NYSE:EIX) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,502 shares of the utilities provider’s stock after purchasing an additional 144 shares during the quarter. Synovus Financial Corp’s holdings in Edison International were worth $427,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Guardian Life Insurance Co. of America raised its position in shares of Edison International by 0.6% during the first quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock worth $100,000 after purchasing an additional 8 shares during the period. Parallel Advisors LLC raised its position in shares of Edison International by 41.7% during the first quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 741 shares during the period. Wayne Hummer Investments L.L.C. acquired a new stake in shares of Edison International during the first quarter worth about $200,000. Gofen & Glossberg LLC IL acquired a new stake in shares of Edison International during the first quarter worth about $201,000. Finally, Bailard Inc. acquired a new stake in shares of Edison International during the first quarter worth about $201,000. 81.56% of the stock is currently owned by institutional investors.
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In other news, insider Ronald L. Litzinger sold 224,715 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $80.54, for a total value of $18,098,546.10. Following the completion of the transaction, the insider now directly owns 14,121 shares of the company’s stock, valued at $1,137,305.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company’s stock.
Edison International (EIX) traded up 0.02% on Friday, reaching $81.05. The company’s stock had a trading volume of 791,725 shares. The firm’s 50-day moving average price is $79.90 and its 200 day moving average price is $79.64. The company has a market cap of $26.41 billion, a P/E ratio of 19.17 and a beta of 0.24. Edison International has a 52-week low of $67.44 and a 52-week high of $82.82.
Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, hitting the consensus estimate of $0.85. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.92 billion. Edison International had a return on equity of 10.58% and a net margin of 12.64%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.85 earnings per share. Equities analysts anticipate that Edison International will post $4.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a $0.5425 dividend. This represents a $2.17 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s dividend payout ratio (DPR) is presently 50.82%.
A number of research firms have recently commented on EIX. Morgan Stanley raised their price target on Edison International from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Friday, September 8th. Mizuho reaffirmed a “buy” rating and set a $87.00 price target (up previously from $84.00) on shares of Edison International in a research report on Wednesday, August 23rd. BidaskClub raised Edison International from a “sell” rating to a “hold” rating in a research report on Tuesday, August 22nd. BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 price target on shares of Edison International in a research report on Thursday, August 17th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Edison International in a research report on Thursday, August 17th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $84.15.
Edison International Company Profile
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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