Allstate Corp Boosts Stock Holdings in Edison International $EIX

Key Points

• Allstate Corp increased its stake in Edison International by 76.3%, acquiring 8,962 additional shares and bringing its total holdings to 20,705 shares valued at approximately $1.22 million.
• Multiple institutional investors, including Oppenheimer & Co. Inc. and GAMMA Investing LLC, significantly increased their positions in Edison International during the 1st quarter, highlighting growing interest in the company.
• Edison International recently announced a quarterly dividend of $0.8275, which translates to a robust 6.0% dividend yield based on an annualized amount of $3.31.

Allstate Corp increased its position in Edison International (NYSE:EIX - Free Report) by 76.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,705 shares of the utilities provider's stock after purchasing an additional 8,962 shares during the quarter. Allstate Corp's holdings in Edison International were worth $1,220,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in Edison International by 111.6% during the first quarter. JPMorgan Chase & Co. now owns 5,663,427 shares of the utilities provider's stock worth $333,689,000 after buying an additional 2,987,318 shares during the period. Northern Trust Corp lifted its holdings in Edison International by 53.9% during the fourth quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock worth $459,642,000 after buying an additional 2,016,017 shares during the period. Ameriprise Financial Inc. lifted its holdings in Edison International by 149.3% during the fourth quarter. Ameriprise Financial Inc. now owns 2,793,795 shares of the utilities provider's stock worth $223,057,000 after buying an additional 1,673,204 shares during the period. Allianz Asset Management GmbH lifted its holdings in Edison International by 1,946.0% during the first quarter. Allianz Asset Management GmbH now owns 1,255,449 shares of the utilities provider's stock worth $73,971,000 after buying an additional 1,194,088 shares during the period. Finally, Nuveen LLC purchased a new stake in Edison International during the first quarter worth $61,916,000. Institutional investors own 88.95% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Evercore ISI restated an "outperform" rating on shares of Edison International in a report on Thursday, May 15th. JPMorgan Chase & Co. lowered their target price on Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a report on Monday, May 19th. Barclays upped their target price on Edison International from $64.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Morgan Stanley reiterated an "overweight" rating on shares of Edison International in a report on Thursday, August 21st. Finally, Wolfe Research lowered Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $75.21.

Edison International Stock Performance

Shares of NYSE EIX traded up $2.13 during trading on Friday, reaching $56.85. 1,198,342 shares of the company traded hands, compared to its average volume of 4,324,699. The company has a current ratio of 0.87, a quick ratio of 0.81 and a debt-to-equity ratio of 2.03. Edison International has a 12-month low of $47.73 and a 12-month high of $88.77. The firm's fifty day simple moving average is $52.92 and its 200 day simple moving average is $54.40. The stock has a market cap of $21.88 billion, a P/E ratio of 8.35, a PEG ratio of 1.30 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. Edison International had a return on equity of 11.99% and a net margin of 16.00%.The firm had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.52 billion. During the same quarter in the previous year, the business earned $1.23 EPS. Edison International's revenue for the quarter was up 4.8% compared to the same quarter last year. Edison International has set its FY 2025 guidance at 5.940-6.340 EPS. As a group, research analysts anticipate that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, July 7th were given a dividend of $0.8275 per share. This represents a $3.31 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Monday, July 7th. Edison International's payout ratio is presently 48.60%.

Edison International Profile

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.