Edison International (NYSE:EIX) Plans $0.70 Quarterly Dividend

Edison International (NYSE:EIXGet Rating) declared a quarterly dividend on Thursday, June 23rd, RTT News reports. Shareholders of record on Tuesday, July 5th will be given a dividend of 0.70 per share by the utilities provider on Sunday, July 31st. This represents a $2.80 dividend on an annualized basis and a yield of 4.61%.

Edison International has increased its dividend by an average of 3.5% per year over the last three years and has raised its dividend every year for the last 19 years. Edison International has a payout ratio of 58.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Edison International to earn $4.76 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 58.8%.

EIX traded up $0.60 during trading on Thursday, reaching $60.72. The stock had a trading volume of 1,384,876 shares, compared to its average volume of 2,037,721. The stock’s 50 day moving average is $67.72 and its two-hundred day moving average is $66.14. The company has a current ratio of 0.63, a quick ratio of 0.58 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $23.12 billion, a price-to-earnings ratio of 39.29, a P/E/G ratio of 3.47 and a beta of 0.64. Edison International has a one year low of $54.14 and a one year high of $73.32.

Edison International (NYSE:EIXGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The utilities provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.33. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.34 billion. Edison International had a return on equity of 12.27% and a net margin of 4.22%. The firm’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.79 earnings per share. On average, equities research analysts predict that Edison International will post 4.46 earnings per share for the current year.

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised their price target on Edison International from $70.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday, March 30th. Royal Bank of Canada raised their price target on Edison International from $73.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, April 14th. Morgan Stanley reduced their price target on Edison International from $65.00 to $64.00 and set an “equal weight” rating for the company in a report on Monday, May 23rd. Mizuho downgraded Edison International from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $82.00 to $72.00 in a report on Tuesday, May 10th. Finally, UBS Group downgraded Edison International from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $75.00 to $73.00 in a report on Monday, June 6th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Edison International has an average rating of “Hold” and a consensus target price of $72.63.

A number of large investors have recently made changes to their positions in EIX. Ancora Advisors LLC purchased a new position in Edison International in the first quarter worth about $41,000. Covestor Ltd lifted its position in shares of Edison International by 150.5% during the 1st quarter. Covestor Ltd now owns 1,901 shares of the utilities provider’s stock valued at $133,000 after buying an additional 1,142 shares in the last quarter. Frontier Wealth Management LLC purchased a new position in shares of Edison International during the 1st quarter valued at about $200,000. Fund Management at Engine No. 1 LLC purchased a new position in shares of Edison International during the 1st quarter valued at about $226,000. Finally, Eudaimonia Partners LLC purchased a new position in shares of Edison International during the 1st quarter valued at about $230,000. 87.89% of the stock is currently owned by institutional investors and hedge funds.

Edison International Company Profile (Get Rating)

Edison International, through its subsidiaries, generates and distributes electric power. It delivers electricity to 15 million residential, commercial, industrial, public authorities, agricultural, and other customers across Southern, Central, and Coastal California. The company also provides energy solutions to commercial and industrial users.

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Dividend History for Edison International (NYSE:EIX)

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