Principal Financial Group Inc. Trims Stock Holdings in Edison International $EIX

Principal Financial Group Inc. lowered its stake in Edison International (NYSE:EIX) by 4.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 419,086 shares of the utilities provider’s stock after selling 21,707 shares during the quarter. Principal Financial Group Inc.’s holdings in Edison International were worth $23,167,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Activest Wealth Management raised its position in Edison International by 677.8% in the third quarter. Activest Wealth Management now owns 560 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 488 shares during the period. CVA Family Office LLC grew its stake in shares of Edison International by 113.7% in the third quarter. CVA Family Office LLC now owns 577 shares of the utilities provider’s stock valued at $32,000 after buying an additional 307 shares in the last quarter. Laurel Wealth Advisors LLC raised its holdings in shares of Edison International by 5,064.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 723 shares of the utilities provider’s stock valued at $37,000 after buying an additional 709 shares during the period. Quent Capital LLC acquired a new position in Edison International during the 3rd quarter worth about $40,000. Finally, CoreFirst Bank & Trust acquired a new position in Edison International during the 2nd quarter worth about $38,000. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EIX has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their price target on shares of Edison International from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. TD Cowen initiated coverage on shares of Edison International in a report on Thursday, October 16th. They issued a “buy” rating and a $71.00 price objective for the company. LADENBURG THALM/SH SH increased their target price on shares of Edison International from $52.50 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Wells Fargo & Company cut shares of Edison International from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $56.00 to $59.00 in a research report on Tuesday, January 20th. Finally, Wall Street Zen upgraded shares of Edison International from a “hold” rating to a “buy” rating in a research note on Thursday, January 15th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.30.

Edison International Stock Up 0.5%

Shares of Edison International stock opened at $64.06 on Friday. Edison International has a 52-week low of $47.73 and a 52-week high of $64.68. The company has a 50 day moving average of $60.17 and a 200 day moving average of $57.25. The company has a quick ratio of 0.76, a current ratio of 0.82 and a debt-to-equity ratio of 1.95. The company has a market capitalization of $24.65 billion, a P/E ratio of 8.37, a P/E/G ratio of 0.94 and a beta of 0.82.

Edison International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, January 31st. Investors of record on Wednesday, January 7th were issued a $0.8775 dividend. This represents a $3.51 annualized dividend and a yield of 5.5%. This is a boost from Edison International’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, January 7th. Edison International’s dividend payout ratio is currently 45.88%.

Edison International Company Profile

Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.

The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.