Edison International (NYSE:EIX) Shares Sold by PNC Financial Services Group Inc.

25 May 2020, 13:08 by Tristan Rich

PNC Financial Services Group Inc. reduced its position in shares of Edison International (NYSE:EIX) by 3.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,271 shares of the utilities provider’s stock after selling 3,487 shares during the period. PNC Financial Services Group Inc.’s holdings in Edison International were worth $5,274,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. WASHINGTON TRUST Co bought a new position in Edison International in the first quarter worth about $32,000. Ellevest Inc. lifted its holdings in shares of Edison International by 1,415.0% in the 1st quarter. Ellevest Inc. now owns 606 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 566 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new position in Edison International during the 4th quarter valued at approximately $39,000. Coastal Investment Advisors Inc. grew its stake in Edison International by 30.5% during the 4th quarter. Coastal Investment Advisors Inc. now owns 625 shares of the utilities provider’s stock worth $42,000 after buying an additional 146 shares during the last quarter. Finally, Key Financial Inc acquired a new stake in Edison International in the first quarter worth $47,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Several equities analysts have recently commented on EIX shares. JPMorgan Chase & Co. lowered their price target on shares of Edison International from $70.00 to $61.00 and set a “neutral” rating for the company in a research report on Friday, March 27th. Barclays dropped their price target on shares of Edison International from $68.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 26th. KeyCorp assumed coverage on Edison International in a research report on Monday, May 11th. They set an “overweight” rating and a $66.00 price objective for the company. ValuEngine lowered Edison International from a “hold” rating to a “sell” rating in a report on Thursday, April 30th. Finally, Bank of America raised Edison International from a “neutral” rating to a “buy” rating and cut their target price for the company from $69.00 to $63.00 in a research note on Monday, May 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $70.50.

Shares of Edison International stock opened at $56.43 on Monday. The business has a fifty day simple moving average of $57.22 and a 200-day simple moving average of $66.95. Edison International has a fifty-two week low of $43.63 and a fifty-two week high of $78.93. The firm has a market cap of $20.52 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 4.27 and a beta of 0.52. The company has a quick ratio of 0.73, a current ratio of 0.79 and a debt-to-equity ratio of 1.23.

Edison International (NYSE:EIX) last issued its quarterly earnings results on Thursday, April 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.14). Edison International had a return on equity of 11.33% and a net margin of 10.15%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $3.20 billion. During the same quarter last year, the firm posted $0.63 earnings per share. Edison International’s revenue was down 1.2% compared to the same quarter last year. Analysts anticipate that Edison International will post 4.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Tuesday, March 31st were paid a dividend of $0.6375 per share. This represents a $2.55 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend was Monday, March 30th. Edison International’s dividend payout ratio is presently 54.26%.

About Edison International

Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.