Bank of New York Mellon Corp Acquires 307,693 Shares of Edison International $EIX

Key Points

• Bank of New York Mellon increased its Edison International stake by 8.4% in the first quarter, buying 307,693 additional shares and bringing its total holding to 3,973,058 shares worth about $290.7 million.
• Edison International reported stronger-than-expected quarterly earnings, posting $1.42 per share versus the $1.32 consensus estimate, while revenue rose 7.7% year over year to $4.10 billion.
• The company declared a quarterly dividend of $0.8775 per share, equal to an annualized yield of 4.5%, while analysts currently rate the stock a Hold on average with a $72.73 price target.

Bank of New York Mellon Corp boosted its stake in Edison International (NYSE:EIX - Free Report) by 8.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,973,058 shares of the utilities provider's stock after purchasing an additional 307,693 shares during the quarter. Bank of New York Mellon Corp owned about 1.03% of Edison International worth $290,748,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of EIX. Vanguard Group Inc. raised its position in shares of Edison International by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 52,220,399 shares of the utilities provider's stock worth $3,134,268,000 after acquiring an additional 480,726 shares during the last quarter. State Street Corp grew its holdings in Edison International by 3.0% during the fourth quarter. State Street Corp now owns 33,141,204 shares of the utilities provider's stock worth $1,989,135,000 after buying an additional 953,800 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Edison International by 69.9% in the fourth quarter. AQR Capital Management LLC now owns 18,285,152 shares of the utilities provider's stock valued at $1,097,475,000 after purchasing an additional 7,521,168 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Edison International by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 13,018,379 shares of the utilities provider's stock worth $803,407,000 after buying an additional 386,905 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Edison International by 12.3% during the 4th quarter. Northern Trust Corp now owns 6,070,324 shares of the utilities provider's stock worth $364,341,000 after purchasing an additional 662,477 shares during the period. Institutional investors and hedge funds own 88.95% of the company's stock.

Edison International Trading Down 0.6%

NYSE:EIX opened at $77.58 on Friday. The company has a market cap of $29.85 billion, a PE ratio of 8.42, a price-to-earnings-growth ratio of 6.07 and a beta of 0.66. The company has a current ratio of 0.74, a quick ratio of 0.68 and a debt-to-equity ratio of 1.98. Edison International has a 12 month low of $50.85 and a 12 month high of $79.88. The company has a 50 day simple moving average of $72.71 and a two-hundred day simple moving average of $69.73.

Edison International (NYSE:EIX - Get Free Report) last posted its 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 company had revenue of $4.10 billion for 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%.Edison International's revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 earnings per share. Edison International has set its FY 2026 guidance at 5.900-6.200 EPS. Research analysts forecast that Edison International will post 6.13 earnings per share for the current year.

Edison International Dividend Announcement

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

Analysts Set New Price Targets

EIX has been the subject of a number of recent research reports. Barclays lifted their price objective on shares of Edison International from $77.00 to $78.00 and gave the company an "overweight" rating in a research note on Tuesday. 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 cut shares of Edison International from a "buy" rating to a "neutral" rating in a research report on Monday, April 20th. Morgan Stanley reissued an "underweight" rating on shares of Edison International in a research note on Wednesday, June 24th. Finally, JPMorgan Chase & Co. raised their target price on Edison International from $75.00 to $76.00 and gave the stock a "neutral" rating in a research note on Friday, May 15th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $72.73.

Edison International 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.

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