National Bank of Canada FI Has $19.32 Million Stock Position in Edison International (NYSE:EIX)

Key Points

• National Bank of Canada FI reduced its stake in Edison International by 53.1%, owning approximately 327,976 shares valued at $19.32 million after selling 370,963 shares during the first quarter.
• Citigroup Inc. increased its investment in Edison International by 41.2%, while other institutional investors also adjusted their positions during the same quarter, with 88.95% of the stock now owned by institutional investors.
• Analysts have updated their price targets for Edison International, with implications ranging from "neutral" to "overweight", reflecting varied investor sentiment on the stock's future performance.

National Bank of Canada FI reduced its position in shares of Edison International (NYSE:EIX - Free Report) by 53.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 327,976 shares of the utilities provider's stock after selling 370,963 shares during the period. National Bank of Canada FI owned 0.09% of Edison International worth $19,324,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board boosted its holdings in Edison International by 364.1% in 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 boosted its holdings in Edison International by 53.9% in 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. boosted its holdings in Edison International by 149.3% in 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. Allianz Asset Management GmbH boosted its holdings in Edison International by 1,946.0% in 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. Finally, Barclays PLC boosted its holdings in Edison International by 112.0% in the 4th quarter. Barclays PLC now owns 1,947,047 shares of the utilities provider's stock valued at $155,453,000 after purchasing an additional 1,028,558 shares during the period. 88.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on EIX. Evercore ISI restated an "outperform" rating on shares of Edison International in a research note on Thursday, May 15th. Morgan Stanley dropped 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 increased their price objective on shares of Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. Wolfe Research cut shares of Edison International from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. dropped 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 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. Based on data from MarketBeat, Edison International currently has an average rating of "Moderate Buy" and a consensus target price of $75.21.

Edison International Price Performance

Shares of Edison International stock traded down $0.27 during mid-day trading on Friday, reaching $55.75. 392,771 shares of the stock were exchanged, compared to its average volume of 4,447,020. The company has a market cap of $21.45 billion, a price-to-earnings ratio of 8.19, a price-to-earnings-growth ratio of 1.32 and a beta of 0.75. The company has a current ratio of 0.87, a quick ratio of 0.81 and a debt-to-equity ratio of 2.03. The firm has a 50-day simple moving average of $51.88 and a 200 day simple moving average of $54.23. Edison International has a fifty-two week low of $47.73 and a fifty-two week high of $88.77.

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

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, July 7th were paid a $0.8275 dividend. This represents a $3.31 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend was Monday, July 7th. Edison International's dividend payout ratio (DPR) 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.