Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Edison International (NYSE:EIX)

Key Points

• Zurcher Kantonalbank increased its stake in Edison International by 3.0%, now owning approximately 0.12% of the company, worth $27.86 million.
• Recent price target adjustments by analysts indicate a range for Edison International, with Barclays raising their target to $67.00 while Morgan Stanley lowered it to $51.00.
• Edison International announced a dividend of $0.8275, yielding 6.33%, with a payout ratio of 46.95% and an ex-dividend date on July 7th.

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Edison International (NYSE:EIX - Free Report) by 3.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 472,877 shares of the utilities provider's stock after acquiring an additional 13,961 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.12% of Edison International worth $27,862,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Oppenheimer & Co. Inc. raised its stake in shares of Edison International by 98.7% in the 1st quarter. Oppenheimer & Co. Inc. now owns 10,982 shares of the utilities provider's stock valued at $647,000 after purchasing an additional 5,454 shares during the period. Tounjian Advisory Partners LLC acquired a new stake in shares of Edison International in the 1st quarter valued at about $1,151,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Edison International by 135.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 123,851 shares of the utilities provider's stock valued at $7,297,000 after purchasing an additional 71,159 shares during the period. GAMMA Investing LLC raised its stake in shares of Edison International by 4,157.4% in the 1st quarter. GAMMA Investing LLC now owns 145,179 shares of the utilities provider's stock valued at $8,554,000 after purchasing an additional 141,769 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in shares of Edison International by 17.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 107,332 shares of the utilities provider's stock valued at $6,324,000 after purchasing an additional 15,718 shares during the period. 88.95% of the stock is currently owned by institutional investors.

Edison International Price Performance

Shares of EIX traded up $0.50 during trading hours on Friday, reaching $52.62. 2,448,943 shares of the stock traded hands, compared to its average volume of 4,490,964. The company has a current ratio of 0.96, a quick ratio of 0.89 and a debt-to-equity ratio of 2.06. Edison International has a 52-week low of $47.73 and a 52-week high of $88.77. The company's 50-day moving average price is $51.99 and its two-hundred day moving average price is $54.57. The company has a market cap of $20.24 billion, a P/E ratio of 7.46, a price-to-earnings-growth ratio of 1.22 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.09. The company had revenue of $4.54 billion for the quarter, compared to analysts' expectations of $4.52 billion. Edison International had a net margin of 16.84% and a return on equity of 13.21%. Edison International's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.23 EPS. On average, analysts anticipate that Edison International will post 4.95 earnings per share for the current year.

Edison International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, July 7th were given a dividend of $0.8275 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $3.31 dividend on an annualized basis and a yield of 6.3%. Edison International's dividend payout ratio is presently 46.95%.

Analyst Ratings Changes

EIX has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a research report on Monday, May 19th. Barclays boosted their price target on Edison International from $64.00 to $67.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Wolfe Research downgraded Edison International from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 9th. Evercore ISI reissued an "outperform" rating on shares of Edison International in a research report on Thursday, May 15th. Finally, Morgan Stanley reduced their price objective on Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $76.35.

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.