Everence Capital Management Inc. Decreases Stock Holdings in Edison International (NYSE:EIX)

Everence Capital Management Inc. lessened its holdings in Edison International (NYSE:EIX) by 32.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,217 shares of the utilities provider’s stock after selling 5,410 shares during the quarter. Everence Capital Management Inc.’s holdings in Edison International were worth $896,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of EIX. Highline Wealth Partners LLC purchased a new position in shares of Edison International in the 3rd quarter valued at about $26,000. Eastern Bank acquired a new position in Edison International in the third quarter valued at approximately $27,000. Larson Financial Group LLC increased its stake in Edison International by 125.0% in the third quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 195 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Edison International during the third quarter worth approximately $32,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Edison International during the 2nd quarter worth approximately $27,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Jefferies Financial Group started coverage on Edison International in a report on Thursday, November 7th. They set a “buy” rating and a $93.00 price objective on the stock. UBS Group reduced their target price on Edison International from $96.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. Barclays upgraded Edison International from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $91.00 to $84.00 in a research note on Thursday. Finally, Bank of America assumed coverage on Edison International in a research report on Thursday, September 12th. They set a “buy” rating and a $95.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Insiders Place Their Bets

In other Edison International news, VP Adam S. Umanoff sold 25,619 shares of the business’s stock in a transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.03% of the stock is currently owned by insiders.

Edison International Price Performance

Shares of NYSE EIX opened at $79.80 on Friday. The stock has a fifty day moving average price of $82.76 and a 200 day moving average price of $81.68. Edison International has a 1-year low of $63.15 and a 1-year high of $88.77. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.88 and a quick ratio of 0.81. The company has a market cap of $30.89 billion, a PE ratio of 23.40, a P/E/G ratio of 1.96 and a beta of 0.93.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.01 billion. During the same quarter last year, the business earned $1.38 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Edison International will post 4.94 EPS for the current year.

Edison International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.8275 per share. This is a boost from Edison International’s previous quarterly dividend of $0.78. The ex-dividend date is Tuesday, January 7th. This represents a $3.31 annualized dividend and a yield of 4.15%. Edison International’s payout ratio is presently 97.07%.

Edison International Company 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.