SunTrust Banks Comments on Edison International’s Q3 2018 Earnings (EIX)
Edison International (NYSE:EIX) – Analysts at SunTrust Banks cut their Q3 2018 earnings per share estimates for Edison International in a note issued to investors on Tuesday. SunTrust Banks analyst A. Agha now anticipates that the utilities provider will post earnings of $1.32 per share for the quarter, down from their previous estimate of $1.33. SunTrust Banks also issued estimates for Edison International’s FY2018 earnings at $4.32 EPS and FY2019 earnings at $4.67 EPS.
A number of other equities analysts have also recently issued reports on the stock. Royal Bank Of Canada restated a “buy” rating and issued a $84.00 price objective on shares of Edison International in a research report on Sunday. Morgan Stanley boosted their price target on shares of Edison International from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Friday, September 8th. Mizuho reiterated a “buy” rating and set a $87.00 price target (up previously from $84.00) on shares of Edison International in a research report on Wednesday, August 23rd. BidaskClub upgraded shares of Edison International from a “sell” rating to a “hold” rating in a research report on Tuesday, August 22nd. Finally, BMO Capital Markets reiterated a “buy” rating and set a $85.00 price target on shares of Edison International in a research report on Thursday, August 17th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Edison International presently has an average rating of “Hold” and a consensus price target of $84.15.
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Edison International (EIX) traded down 0.35% during trading on Wednesday, hitting $78.81. The company had a trading volume of 581,049 shares. Edison International has a one year low of $67.44 and a one year high of $82.82. The company has a market capitalization of $25.68 billion, a price-to-earnings ratio of 18.64 and a beta of 0.24. The stock has a 50-day moving average of $80.05 and a 200 day moving average of $79.66.
Edison International (NYSE:EIX) last posted its earnings results on Thursday, July 27th. The utilities provider reported $0.85 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.85. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.92 billion. Edison International had a return on equity of 10.58% and a net margin of 12.64%. Edison International’s revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the company earned $0.85 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be given a dividend of $0.5425 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.17 dividend on an annualized basis and a yield of 2.74%. Edison International’s dividend payout ratio (DPR) is 50.82%.
In related news, insider Ronald L. Litzinger sold 224,715 shares of the 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 transaction, the insider now owns 14,121 shares in the company, valued at $1,137,305.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in EIX. Tudor Investment Corp ET AL increased its stake in shares of Edison International by 79.9% in the first quarter. Tudor Investment Corp ET AL now owns 10,077 shares of the utilities provider’s stock worth $802,000 after purchasing an additional 4,477 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Edison International by 18.4% in the second quarter. Prudential Financial Inc. now owns 552,076 shares of the utilities provider’s stock worth $43,167,000 after purchasing an additional 85,968 shares in the last quarter. BlackRock Inc. increased its stake in shares of Edison International by 2,416.6% in the first quarter. BlackRock Inc. now owns 24,389,198 shares of the utilities provider’s stock worth $1,941,622,000 after purchasing an additional 23,420,049 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Edison International by 1.9% in the second quarter. Principal Financial Group Inc. now owns 655,277 shares of the utilities provider’s stock worth $51,236,000 after purchasing an additional 12,086 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Edison International by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock worth $1,197,430,000 after purchasing an additional 526,261 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.
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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