Edison International (NYSE:EIX) Shares Up 5.5% Following Dividend Announcement

Edison International (NYSE:EIX) shot up 5.5% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $53.87 and last traded at $54.14. 534,074 shares traded 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 given a dividend of $0.8275 per share. This represents a $3.31 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date is Monday, April 7th. Edison International’s dividend payout ratio is 97.07%.

Wall Street Analysts Forecast Growth

EIX has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on shares of Edison International from $94.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley reduced their price objective on Edison International from $71.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, February 14th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $72.00 price target on shares of Edison International in a research note on Wednesday, February 12th. UBS Group upgraded Edison International from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $69.00 to $65.00 in a report on Tuesday, February 18th. Finally, Barclays dropped their price objective on shares of Edison International from $76.00 to $67.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Edison International has an average rating of “Moderate Buy” and a consensus price target of $78.75.

Edison International Price Performance

The business has a fifty day simple moving average of $61.38 and a 200-day simple moving average of $76.50. The stock has a market capitalization of $21.08 billion, a P/E ratio of 15.97, a PEG ratio of 1.07 and a beta of 0.90. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Thursday, February 27th. The utilities provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.03). Edison International had a return on equity of 13.17% and a net margin of 8.52%. The company had revenue of $17.60 billion during the quarter, compared to analyst estimates of $3.92 billion. Sell-side analysts expect that Edison International will post 4.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Edison International

A number of hedge funds have recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new stake in Edison International in the 4th quarter valued at $25,000. Groupama Asset Managment lifted its stake in shares of Edison International by 0.8% in the third quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock valued at $26,000 after buying an additional 237 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Edison International by 125.0% during the third quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock valued at $31,000 after buying an additional 195 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Edison International in the 3rd quarter worth about $32,000. Finally, Sierra Ocean LLC bought a new position in Edison International in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 88.95% of the company’s stock.

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.