PNC Financial Services Group Inc. Buys 6,729 Shares of Edison International $EIX

PNC Financial Services Group Inc. increased its stake in shares of Edison International (NYSE:EIX) by 11.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,605 shares of the utilities provider’s stock after acquiring an additional 6,729 shares during the period. PNC Financial Services Group Inc.’s holdings in Edison International were worth $4,874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 10Elms LLP acquired a new stake in shares of Edison International in the 4th quarter valued at about $26,000. Transamerica Financial Advisors LLC boosted its position in shares of Edison International by 170.3% during the fourth quarter. Transamerica Financial Advisors LLC now owns 446 shares of the utilities provider’s stock worth $27,000 after buying an additional 281 shares during the period. Quest 10 Wealth Builders Inc. boosted its position in shares of Edison International by 866.7% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 783 shares of the utilities provider’s stock worth $47,000 after buying an additional 702 shares during the period. DV Equities LLC bought a new position in shares of Edison International during the fourth quarter worth about $52,000. Finally, McMillan Office Inc. bought a new position in shares of Edison International during the fourth quarter worth about $55,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EIX has been the topic of a number of recent research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Edison International in a research note on Monday, July 13th. JPMorgan Chase & Co. upped their price target on Edison International from $75.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $62.00 price target on shares of Edison International in a research note on Tuesday, April 21st. Seaport Research Partners downgraded shares of Edison International from a “buy” rating to a “neutral” rating in a report on Monday, April 20th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $69.00 price objective on shares of Edison International in a research report on Wednesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $72.64.

Edison International Stock Performance

EIX opened at $78.64 on Tuesday. The business’s 50-day simple moving average is $73.76 and its 200 day simple moving average is $70.58. Edison International has a 52-week low of $51.01 and a 52-week high of $80.90. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.68 and a current ratio of 0.74. The firm has a market capitalization of $30.26 billion, a PE ratio of 8.54, a PEG ratio of 6.20 and a beta of 0.66.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.10. The firm had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.15 billion. Edison International had a return on equity of 14.56% and a net margin of 19.27%.The business’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $1.37 earnings per share. As a group, sell-side analysts expect that Edison International will post 6.13 earnings per share for the current fiscal year.

Edison International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, July 7th will be issued a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, July 7th. Edison International’s dividend payout ratio is presently 38.11%.

Edison International Company Profile

Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.

The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.