JPMorgan Chase & Co. Purchases 2,987,318 Shares of Edison International (NYSE:EIX)

Key Points

• JPMorgan Chase & Co. increased its holdings in Edison International by 111.6%, owning approximately 5.66 million shares valued at $333.69 million.
• Edison International reported $0.97 earnings per share for the last quarter, surpassing expectations and reflecting a year-over-year revenue increase of 4.8%.
• The company announced a quarterly dividend of $0.8275 per share, resulting in an annualized dividend yield of 5.9% and a payout ratio of 48.60%.

JPMorgan Chase & Co. lifted its holdings in shares of Edison International (NYSE:EIX - Free Report) by 111.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,663,427 shares of the utilities provider's stock after buying an additional 2,987,318 shares during the period. JPMorgan Chase & Co. owned approximately 1.47% of Edison International worth $333,689,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Canada Pension Plan Investment Board lifted its position in Edison International by 364.1% in the fourth quarter. Canada Pension Plan Investment Board now owns 3,369,535 shares of the utilities provider's stock worth $269,024,000 after purchasing an additional 2,643,571 shares during the period. Northern Trust Corp lifted its position in Edison International by 53.9% in the fourth quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock worth $459,642,000 after purchasing an additional 2,016,017 shares during the period. Ameriprise Financial Inc. lifted its position in Edison International by 149.3% in the fourth quarter. Ameriprise Financial Inc. now owns 2,793,795 shares of the utilities provider's stock worth $223,057,000 after purchasing an additional 1,673,204 shares during the period. Allianz Asset Management GmbH lifted its position in Edison International by 1,946.0% in the first quarter. Allianz Asset Management GmbH now owns 1,255,449 shares of the utilities provider's stock worth $73,971,000 after purchasing an additional 1,194,088 shares during the period. Finally, Barclays PLC lifted its position in Edison International by 112.0% in the fourth quarter. Barclays PLC now owns 1,947,047 shares of the utilities provider's stock worth $155,453,000 after purchasing an additional 1,028,558 shares during the period. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. cut their price objective on Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a research report on Monday, May 19th. Evercore ISI reaffirmed an "outperform" rating on shares of Edison International in a research note on Thursday, May 15th. Wolfe Research downgraded shares of Edison International from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 9th. Barclays upped their price objective on shares of Edison International from $64.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Finally, Morgan Stanley decreased their price objective on shares of Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $76.19.

Edison International Price Performance

Shares of NYSE EIX traded down $0.18 during mid-day trading on Thursday, hitting $56.10. 1,879,429 shares of the stock were exchanged, compared to its average volume of 3,886,858. The company has a market cap of $21.59 billion, a P/E ratio of 8.24, a PEG ratio of 1.32 and a beta of 0.75. The stock's fifty day simple moving average is $51.82 and its two-hundred day simple moving average is $54.24. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.81 and a current ratio of 0.87. Edison International has a twelve month low of $47.73 and a twelve month high of $88.77.

Edison International (NYSE:EIX - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The company had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.52 billion. Edison International had a net margin of 16.00% and a return on equity of 11.99%. The company's revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted $1.23 earnings per share. As a group, analysts forecast that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, July 7th were given a $0.8275 dividend. This represents a $3.31 annualized dividend and a yield of 5.9%. The ex-dividend date was Monday, July 7th. Edison International's payout ratio is 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.