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

Edison International (NYSE:EIX) shot up 5.5% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $53.87 and last traded at $54.14. 534,074 shares changed 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. Investors of record on Monday, April 7th will be paid a $0.8275 dividend. This represents a $3.31 dividend on an annualized basis and a yield of 6.09%. Edison International’s dividend payout ratio is currently 97.07%.

Wall Street Analyst Weigh In

EIX has been the subject of a number of research reports. Barclays cut their price target on shares of Edison International from $76.00 to $67.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. LADENBURG THALM/SH SH upgraded shares of Edison International from a “sell” rating to a “neutral” rating and set a $56.50 target price for the company in a research report on Wednesday, January 15th. Guggenheim downgraded Edison International from a “buy” rating to a “neutral” rating in a research report on Thursday, January 23rd. UBS Group raised Edison International from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $69.00 to $65.00 in a research note on Tuesday, February 18th. Finally, Jefferies Financial Group initiated coverage on Edison International in a research report on Thursday, November 7th. They set a “buy” rating and a $93.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Edison International presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.11.

Edison International Trading Up 5.8 %

The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88. The firm has a 50-day moving average of $61.88 and a 200-day moving average of $76.70. The firm has a market capitalization of $21.03 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 1.07 and a beta of 0.90.

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

Institutional Investors Weigh In On Edison International

A number of large investors have recently added to or reduced their stakes in EIX. Vanguard Group Inc. raised its stake in shares of Edison International by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 48,589,777 shares of the utilities provider’s stock valued at $3,879,408,000 after acquiring an additional 1,559,501 shares during the last quarter. State Street Corp raised its position in Edison International by 0.7% during the 3rd quarter. State Street Corp now owns 32,549,936 shares of the utilities provider’s stock valued at $2,834,774,000 after purchasing an additional 224,337 shares during the last quarter. FMR LLC lifted its holdings in Edison International by 8.7% in the 3rd quarter. FMR LLC now owns 21,800,874 shares of the utilities provider’s stock worth $1,898,638,000 after buying an additional 1,741,835 shares during the period. Geode Capital Management LLC lifted its holdings in Edison International by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 9,983,519 shares of the utilities provider’s stock worth $795,123,000 after buying an additional 362,999 shares during the period. Finally, Northern Trust Corp grew its position in shares of Edison International by 53.9% in the 4th quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider’s stock worth $459,642,000 after buying an additional 2,016,017 shares during the last quarter. Institutional investors own 88.95% of the company’s stock.

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.