Zurich Insurance Group Ltd FI Takes $18.11 Million Position in Edison International (NYSE:EIX)

Zurich Insurance Group Ltd FI bought a new position in Edison International (NYSE:EIX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 207,910 shares of the utilities provider’s stock, valued at approximately $18,107,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI lifted its stake in shares of Edison International by 67.5% in the 3rd quarter. National Bank of Canada FI now owns 226,971 shares of the utilities provider’s stock valued at $19,767,000 after purchasing an additional 91,489 shares in the last quarter. iA Global Asset Management Inc. lifted its position in Edison International by 4.2% during the third quarter. iA Global Asset Management Inc. now owns 11,467 shares of the utilities provider’s stock valued at $999,000 after buying an additional 463 shares in the last quarter. EP Wealth Advisors LLC grew its stake in Edison International by 77.1% during the third quarter. EP Wealth Advisors LLC now owns 19,220 shares of the utilities provider’s stock worth $1,674,000 after buying an additional 8,369 shares during the period. Worldquant Millennium Advisors LLC increased its position in shares of Edison International by 76.6% in the third quarter. Worldquant Millennium Advisors LLC now owns 438,067 shares of the utilities provider’s stock worth $38,151,000 after acquiring an additional 189,972 shares in the last quarter. Finally, State Street Corp increased its position in shares of Edison International by 0.7% in the third quarter. State Street Corp now owns 32,549,936 shares of the utilities provider’s stock worth $2,834,774,000 after acquiring an additional 224,337 shares in the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Insider Transactions at Edison International

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

Edison International Stock Performance

Shares of EIX stock opened at $83.95 on Friday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88. The stock has a market capitalization of $32.50 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 2.02 and a beta of 0.92. Edison International has a one year low of $63.15 and a one year high of $88.77. The company’s 50-day simple moving average is $84.75 and its 200-day simple moving average is $80.90.

Edison International (NYSE:EIX) last issued 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. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 EPS. Equities analysts anticipate that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, October 7th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.72%. Edison International’s dividend payout ratio (DPR) is 91.50%.

Analyst Upgrades and Downgrades

EIX has been the topic of several recent research reports. Barclays lifted their target price on shares of Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their target price on Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Jefferies Financial Group began coverage on Edison International in a report on Thursday, November 7th. They set a “buy” rating and a $93.00 target price on the stock. Argus upped their price target on 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 price objective on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Edison International presently has an average rating of “Moderate Buy” and an average price target of $88.75.

About Edison International

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.