Edison International (NYSE:EIX) Stock Position Decreased by M&T Bank Corp

M&T Bank Corp decreased its position in Edison International (NYSE:EIX) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,798 shares of the utilities provider’s stock after selling 247 shares during the quarter. M&T Bank Corp’s holdings in Edison International were worth $2,596,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Edison International by 8.7% in the 3rd quarter. FMR LLC now owns 21,800,874 shares of the utilities provider’s stock valued at $1,898,638,000 after purchasing an additional 1,741,835 shares during the last quarter. abrdn plc lifted its position in shares of Edison International by 166.4% in the third quarter. abrdn plc now owns 1,418,526 shares of the utilities provider’s stock worth $123,149,000 after buying an additional 885,955 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Edison International by 117.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider’s stock worth $68,081,000 after acquiring an additional 422,752 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Edison International by 595.9% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock valued at $22,884,000 after acquiring an additional 272,876 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Edison International in the 2nd quarter valued at approximately $18,484,000. Institutional investors and hedge funds own 88.95% of the company’s stock.

Insider Transactions at Edison International

In other news, VP Adam S. Umanoff sold 25,619 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.03% of the stock is owned by company insiders.

Edison International Price Performance

NYSE:EIX opened at $81.89 on Friday. 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 company has a 50-day moving average of $84.27 and a 200-day moving average of $81.11. Edison International has a 52 week low of $63.15 and a 52 week high of $88.77. The company has a market capitalization of $31.70 billion, a price-to-earnings ratio of 24.01, a PEG ratio of 1.95 and a beta of 0.92.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.38 by $0.13. The business 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%. Edison International’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.38 EPS. As a group, equities research analysts anticipate that Edison International will post 4.94 earnings per share for the current fiscal year.

Edison International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, January 7th will be paid a $0.8275 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.31 dividend on an annualized basis and a dividend yield of 4.04%. This is a boost from Edison International’s previous quarterly dividend of $0.78. Edison International’s payout ratio is 91.50%.

Analyst Upgrades and Downgrades

EIX has been the topic of several analyst reports. Argus increased their price target on Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Jefferies Financial Group began coverage on shares of Edison International in a report on Thursday, November 7th. They issued a “buy” rating and a $93.00 target price on the stock. Wells Fargo & Company upped their price target on shares of Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group raised their price target on Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada boosted their price objective on Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.75.

About Edison International

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.