PNC Financial Services Group Inc. Has $4.67 Million Stake in Edison International (NYSE:EIX)

PNC Financial Services Group Inc. grew its holdings in shares of Edison International (NYSE:EIX) by 6.6% in the third quarter, HoldingsChannel.com reports. The fund owned 53,577 shares of the utilities provider’s stock after acquiring an additional 3,311 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Edison International were worth $4,666,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Highline Wealth Partners LLC bought a new position in Edison International in the third quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC bought a new stake in Edison International during the 2nd quarter valued at $27,000. Eastern Bank acquired a new position in Edison International during the third quarter worth $27,000. Country Trust Bank bought a new position in shares of Edison International in the second quarter valued at $29,000. Finally, Farmers & Merchants Investments Inc. grew its holdings in shares of Edison International by 53.8% during the second quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider’s stock valued at $29,000 after buying an additional 140 shares during the last quarter. 88.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on EIX shares. Wells Fargo & Company upped their target price on shares of Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Barclays lifted their target price on Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group began coverage on Edison International in a research report on Thursday, November 7th. They issued a “buy” rating and a $93.00 price target for the company. Argus lifted their price objective on shares of Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Evercore ISI increased their target price on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.75.

Edison International Stock Performance

NYSE EIX opened at $86.48 on Monday. Edison International has a 52-week low of $63.15 and a 52-week high of $88.77. The company has a 50-day simple moving average of $84.64 and a 200 day simple moving average of $80.17. The company has a market capitalization of $33.48 billion, a PE ratio of 25.36, a price-to-earnings-growth ratio of 2.08 and a beta of 0.92. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88.

Edison International (NYSE:EIX) last issued its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.13. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. On average, research analysts predict that Edison International will post 4.95 EPS for the current year.

Edison International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, October 7th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $3.12 annualized dividend and a dividend yield of 3.61%. Edison International’s payout ratio is 91.50%.

Insider Buying and Selling at Edison International

In related news, VP Adam S. Umanoff sold 25,619 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total transaction of $2,127,657.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.03% of the company’s stock.

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.