M&T Bank Corp Acquires 89,833 Shares of Edison International (EIX)
M&T Bank Corp increased its holdings in Edison International (NYSE:EIX) by 327.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,241 shares of the utilities provider’s stock after purchasing an additional 89,833 shares during the period. M&T Bank Corp’s holdings in Edison International were worth $9,167,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Guardian Life Insurance Co. of America raised its position in Edison International by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock worth $100,000 after purchasing an additional 8 shares in the last quarter. Wayne Hummer Investments L.L.C. bought a new stake in Edison International during the first quarter worth about $200,000. Parallel Advisors LLC grew its stake in Edison International by 41.7% during the first quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock worth $198,000 after buying an additional 741 shares during the last quarter. Gofen & Glossberg LLC IL bought a new stake in Edison International during the first quarter worth about $201,000. Finally, Bailard Inc. bought a new stake in Edison International during the first quarter worth about $201,000. 81.53% of the stock is owned by hedge funds and other institutional investors.
Several analysts have weighed in on the stock. BidaskClub raised shares of Edison International from a “sell” rating to a “hold” rating in a research note on Monday, June 19th. Citigroup Inc. reaffirmed a “neutral” rating and set a $84.00 price objective (down from $85.00) on shares of Edison International in a research note on Monday, July 24th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Edison International in a research note on Thursday, August 17th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Edison International in a research note on Tuesday, July 11th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $85.00 price objective on shares of Edison International in a research note on Thursday, August 17th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $84.15.
In other Edison International news, insider Ronald L. Litzinger sold 224,715 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $80.54, for a total transaction of $18,098,546.10. Following the sale, the insider now directly owns 14,121 shares of the company’s stock, valued at approximately $1,137,305.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.
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Shares of Edison International (NYSE EIX) traded down 0.36% during trading on Friday, reaching $78.38. 213,002 shares of the company’s stock were exchanged. The stock has a market cap of $25.54 billion, a PE ratio of 18.53 and a beta of 0.24. The stock’s 50 day moving average price is $80.05 and its 200-day moving average price is $79.66. Edison International has a 52-week low of $67.44 and a 52-week high of $82.82.
Edison International (NYSE:EIX) last posted its earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.85. Edison International had a net margin of 12.64% and a return on equity of 10.58%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the firm posted $0.85 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Edison International will post $4.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s payout ratio is 50.82%.
Edison International Company Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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