Jennison Associates LLC trimmed its position in Edison International (NYSE:EIX) by 5.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,383,724 shares of the utilities provider’s stock after selling 73,258 shares during the period. Jennison Associates LLC owned approximately 0.42% of Edison International worth $93,277,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Coastal Investment Advisors Inc. acquired a new stake in Edison International in the second quarter worth approximately $32,000. Trust Co. of Vermont lifted its position in Edison International by 101.2% in the second quarter. Trust Co. of Vermont now owns 497 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 250 shares during the period. Sandy Spring Bank lifted its position in Edison International by 220.9% in the second quarter. Sandy Spring Bank now owns 552 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 380 shares during the period. Bremer Bank National Association acquired a new stake in Edison International in the first quarter worth approximately $39,000. Finally, FinTrust Capital Advisors LLC lifted its position in Edison International by 189.2% in the second quarter. FinTrust Capital Advisors LLC now owns 645 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 422 shares during the period. Hedge funds and other institutional investors own 76.31% of the company’s stock.
A number of equities research analysts have weighed in on EIX shares. Barclays restated a “hold” rating and issued a $72.00 target price on shares of Edison International in a research report on Sunday, July 28th. Wells Fargo & Co set a $73.00 target price on Edison International and gave the stock a “hold” rating in a research report on Friday, July 26th. SunTrust Banks upped their target price on Edison International from $80.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. TheStreet upgraded Edison International from a “c+” rating to a “b-” rating in a research report on Friday, July 26th. Finally, UBS Group upgraded Edison International from a “neutral” rating to a “buy” rating and upped their target price for the stock from $67.00 to $72.00 in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Edison International presently has an average rating of “Hold” and an average target price of $71.00.
Edison International (NYSE:EIX) last posted its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.43. The company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Edison International had a positive return on equity of 12.15% and a negative net margin of 1.21%. During the same quarter in the prior year, the company earned $0.85 earnings per share. On average, research analysts expect that Edison International will post 4.68 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th were issued a $0.6125 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.45 annualized dividend and a dividend yield of 3.40%. Edison International’s dividend payout ratio is currently 59.04%.
About Edison International
Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.
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