Allspring Global Investments Holdings LLC Increases Position in Edison International (NYSE:EIX)

Allspring Global Investments Holdings LLC increased its holdings in Edison International (NYSE:EIX) by 542.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,474 shares of the utilities provider’s stock after acquiring an additional 116,935 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Edison International were worth $11,079,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Swedbank AB grew its stake in Edison International by 3.3% in the 4th quarter. Swedbank AB now owns 523,433 shares of the utilities provider’s stock valued at $41,791,000 after purchasing an additional 16,614 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Edison International in the 4th quarter worth about $235,000. KBC Group NV grew its position in Edison International by 23.7% during the fourth quarter. KBC Group NV now owns 61,342 shares of the utilities provider’s stock valued at $4,898,000 after buying an additional 11,764 shares during the period. abrdn plc increased its holdings in Edison International by 19.5% during the fourth quarter. abrdn plc now owns 1,695,182 shares of the utilities provider’s stock worth $134,335,000 after buying an additional 276,656 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Edison International in the third quarter worth about $1,387,000. 88.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on EIX. Wells Fargo & Company lifted their price objective on shares of Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group initiated coverage on shares of Edison International in a report on Thursday, November 7th. They issued a “buy” rating and a $93.00 price target on the stock. UBS Group lowered their target price on Edison International from $87.00 to $69.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $72.00 target price on shares of Edison International in a research note on Wednesday, February 12th. Finally, LADENBURG THALM/SH SH upgraded Edison International from a “sell” rating to a “neutral” rating and set a $56.50 price objective on the stock in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Edison International presently has a consensus rating of “Hold” and an average price target of $80.39.

Edison International Stock Performance

Edison International stock opened at $50.11 on Tuesday. The firm’s 50 day simple moving average is $67.14 and its 200 day simple moving average is $78.52. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The firm has a market capitalization of $19.40 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.05 and a beta of 0.90. Edison International has a 1-year low of $49.06 and a 1-year high of $88.77.

Edison International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Tuesday, January 7th were issued a $0.8275 dividend. The ex-dividend date was Tuesday, January 7th. This represents a $3.31 annualized dividend and a dividend yield of 6.61%. This is a boost from Edison International’s previous quarterly dividend of $0.78. Edison International’s dividend 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.