AIA Group Ltd Buys 10,072 Shares of Edison International (NYSE:EIX)

Key Points

• AIA Group Ltd increased its investment in Edison International by 73.3%, holding 23,808 shares worth approximately $1.4 million as of the latest SEC filing.
• Other large investors, including JPMorgan Chase & Co. and Canada Pension Plan Investment Board, have also significantly raised their stakes in Edison International, reflecting a strong institutional interest.
• Edison International recently announced a quarterly dividend of $0.8275 per share, representing an annual yield of 6.0% with a payout ratio of 48.60%.

AIA Group Ltd raised its stake in shares of Edison International (NYSE:EIX - Free Report) by 73.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,808 shares of the utilities provider's stock after purchasing an additional 10,072 shares during the quarter. AIA Group Ltd's holdings in Edison International were worth $1,403,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in EIX. JPMorgan Chase & Co. increased its position in Edison International by 111.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,663,427 shares of the utilities provider's stock valued at $333,689,000 after purchasing an additional 2,987,318 shares during the period. Canada Pension Plan Investment Board increased its position in Edison International by 364.1% during the 4th quarter. Canada Pension Plan Investment Board now owns 3,369,535 shares of the utilities provider's stock valued at $269,024,000 after purchasing an additional 2,643,571 shares during the period. Northern Trust Corp increased its position in Edison International by 53.9% during the 4th quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock valued at $459,642,000 after purchasing an additional 2,016,017 shares during the period. Ameriprise Financial Inc. increased its position in Edison International by 149.3% during the 4th quarter. Ameriprise Financial Inc. now owns 2,793,795 shares of the utilities provider's stock valued at $223,057,000 after purchasing an additional 1,673,204 shares during the period. Finally, Allianz Asset Management GmbH increased its position in Edison International by 1,946.0% during the 1st quarter. Allianz Asset Management GmbH now owns 1,255,449 shares of the utilities provider's stock valued at $73,971,000 after purchasing an additional 1,194,088 shares during the period. 88.95% of the stock is owned by hedge funds and other institutional investors.

Edison International Stock Down 0.9%

EIX stock traded down $0.51 during trading on Friday, hitting $55.51. 2,146,547 shares of the stock traded hands, compared to its average volume of 3,800,672. Edison International has a 1 year low of $47.73 and a 1 year high of $88.77. The firm's 50 day moving average is $51.91 and its two-hundred day moving average is $54.22. The stock has a market cap of $21.36 billion, a price-to-earnings ratio of 8.15, a price-to-earnings-growth ratio of 1.32 and a beta of 0.75. The company has a debt-to-equity ratio of 2.03, a current ratio of 0.87 and a quick ratio of 0.81.

Edison International (NYSE:EIX - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. The company had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.52 billion. Edison International had a net margin of 16.00% and a return on equity of 11.99%. Edison International's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 EPS. On average, sell-side analysts anticipate that Edison International will post 4.95 EPS for the current year.

Edison International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 7th were paid a dividend of $0.8275 per share. The ex-dividend date was Monday, July 7th. This represents a $3.31 annualized dividend and a yield of 6.0%. Edison International's dividend payout ratio is currently 48.60%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Morgan Stanley dropped their target price on shares of Edison International from $52.00 to $51.00 and set an "underweight" rating on the stock in a report on Wednesday, June 18th. Evercore ISI restated an "outperform" rating on shares of Edison International in a report on Thursday, May 15th. Barclays boosted their target price on shares of Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, August 4th. JPMorgan Chase & Co. dropped their target price on shares of Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a report on Monday, May 19th. Finally, Wolfe Research cut shares of Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Edison International currently has a consensus rating of "Moderate Buy" and an average target price of $75.21.

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.