Edison International (NYSE:EIX) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia cut its position in shares of Edison International (NYSE:EIX - Free Report) by 84.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,033 shares of the utilities provider's stock after selling 205,200 shares during the period. Bank of Nova Scotia's holdings in Edison International were worth $2,182,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in EIX. Wells Fargo & Company MN lifted its stake in Edison International by 3.5% in the fourth quarter. Wells Fargo & Company MN now owns 475,891 shares of the utilities provider's stock worth $37,995,000 after acquiring an additional 15,889 shares during the period. Federated Hermes Inc. raised its holdings in shares of Edison International by 5,334.4% in the 4th quarter. Federated Hermes Inc. now owns 266,668 shares of the utilities provider's stock valued at $21,291,000 after purchasing an additional 261,761 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Edison International by 4.5% in the 4th quarter. Bank of Montreal Can now owns 751,731 shares of the utilities provider's stock worth $60,018,000 after purchasing an additional 32,317 shares during the period. Invesco Ltd. boosted its stake in shares of Edison International by 38.2% during the fourth quarter. Invesco Ltd. now owns 4,816,638 shares of the utilities provider's stock valued at $384,560,000 after purchasing an additional 1,331,941 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in shares of Edison International by 14.8% during the fourth quarter. Advisory Services Network LLC now owns 3,396 shares of the utilities provider's stock valued at $271,000 after purchasing an additional 438 shares in the last quarter. 88.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Morgan Stanley reduced their price objective on shares of Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Barclays lifted their target price on Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday. Evercore ISI reissued an "outperform" rating on shares of Edison International in a research report on Thursday, May 15th. Wolfe Research cut shares of Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $76.19.

Edison International Stock Performance

Shares of EIX traded down $1.19 during trading hours on Friday, reaching $53.75. 4,797,568 shares of the company traded hands, compared to its average volume of 4,518,315. The company has a quick ratio of 0.81, a current ratio of 0.87 and a debt-to-equity ratio of 2.03. The business has a fifty day moving average price of $51.83 and a 200-day moving average price of $54.34. Edison International has a 12-month low of $47.73 and a 12-month high of $88.77. The stock has a market capitalization of $20.68 billion, a P/E ratio of 7.89, a P/E/G ratio of 1.29 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last issued its earnings results on Thursday, July 31st. The utilities provider reported $0.97 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $4.52 billion. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Edison International's revenue for the quarter was up 4.8% on a year-over-year basis. Equities analysts anticipate that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, July 7th were paid a $0.8275 dividend. The ex-dividend date was Monday, July 7th. This represents a $3.31 dividend on an annualized basis and a dividend yield of 6.2%. Edison International's dividend payout ratio is presently 48.60%.

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.