Edison International (NYSE:EIX – Get Rating) declared a quarterly dividend on Thursday, June 23rd, RTT News reports. Shareholders of record on Tuesday, July 5th will be paid a dividend of 0.70 per share by the utilities provider on Sunday, July 31st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.61%.
Edison International has raised its dividend payment by an average of 3.5% annually over the last three years and has increased its dividend every year for the last 19 years. Edison International has a dividend payout ratio of 58.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Edison International to earn $4.76 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 58.8%.
Shares of NYSE:EIX traded up $0.60 on Thursday, reaching $60.72. The company’s stock had a trading volume of 1,384,876 shares, compared to its average volume of 2,037,721. The company has a 50-day simple moving average of $67.72 and a 200 day simple moving average of $66.14. The company has a market cap of $23.12 billion, a P/E ratio of 39.29, a PEG ratio of 3.47 and a beta of 0.64. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.58 and a current ratio of 0.63. Edison International has a 52-week low of $54.14 and a 52-week high of $73.32.
Hedge funds have recently modified their holdings of the stock. Ancora Advisors LLC purchased a new position in Edison International in the 1st quarter worth $41,000. Covestor Ltd raised its stake in Edison International by 150.5% in the 1st quarter. Covestor Ltd now owns 1,901 shares of the utilities provider’s stock worth $133,000 after acquiring an additional 1,142 shares during the last quarter. Frontier Wealth Management LLC purchased a new position in Edison International in the 1st quarter worth $200,000. Fund Management at Engine No. 1 LLC purchased a new position in Edison International in the 1st quarter worth $226,000. Finally, Eudaimonia Partners LLC purchased a new position in Edison International in the 1st quarter worth $230,000. Institutional investors own 87.89% of the company’s stock.
Several research firms have recently issued reports on EIX. Royal Bank of Canada raised their target price on shares of Edison International from $73.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, April 14th. UBS Group lowered shares of Edison International from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $75.00 to $73.00 in a report on Monday, June 6th. Mizuho lowered shares of Edison International from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $82.00 to $72.00 in a report on Tuesday, May 10th. Citigroup boosted their price target on shares of Edison International from $67.00 to $79.00 in a report on Wednesday, May 4th. Finally, Wells Fargo & Company lifted their price objective on shares of Edison International from $70.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 30th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Edison International has a consensus rating of “Hold” and an average target price of $72.63.
About Edison International (Get Rating)
Edison International, through its subsidiaries, generates and distributes electric power. It delivers electricity to 15 million residential, commercial, industrial, public authorities, agricultural, and other customers across Southern, Central, and Coastal California. The company also provides energy solutions to commercial and industrial users.
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