Bank of Nova Scotia Acquires 192,882 Shares of Edison International (NYSE:EIX)

Bank of Nova Scotia increased its holdings in shares of Edison International (NYSE:EIX) by 390.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,233 shares of the utilities provider’s stock after acquiring an additional 192,882 shares during the period. Bank of Nova Scotia owned approximately 0.06% of Edison International worth $19,340,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of EIX. Norges Bank bought a new stake in Edison International during the fourth quarter worth about $323,443,000. Vanguard Group Inc. boosted its stake in Edison International by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 48,589,777 shares of the utilities provider’s stock worth $3,879,408,000 after acquiring an additional 1,559,501 shares in the last quarter. Invesco Ltd. boosted its stake in Edison International by 38.2% during the fourth quarter. Invesco Ltd. now owns 4,816,638 shares of the utilities provider’s stock worth $384,560,000 after acquiring an additional 1,331,941 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Edison International during the fourth quarter worth about $39,344,000. Finally, National Bank of Canada FI boosted its stake in Edison International by 207.9% during the fourth quarter. National Bank of Canada FI now owns 698,939 shares of the utilities provider’s stock worth $55,807,000 after acquiring an additional 471,968 shares in the last quarter. Institutional investors own 88.95% of the company’s stock.

Edison International Stock Performance

Shares of NYSE EIX opened at $56.15 on Thursday. The firm has a fifty day moving average price of $54.71 and a 200-day moving average price of $70.57. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.88 and a quick ratio of 0.81. The stock has a market cap of $21.62 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.07 and a beta of 0.74. Edison International has a 1 year low of $49.06 and a 1 year high of $88.77.

Edison International (NYSE:EIX) last posted its earnings results on Thursday, February 27th. The utilities provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.03). The company had revenue of $17.60 billion for the quarter, compared to analysts’ expectations of $3.92 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. Equities analysts anticipate that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, April 7th will be paid a dividend of $0.8275 per share. The ex-dividend date is Monday, April 7th. This represents a $3.31 annualized dividend and a yield of 5.89%. Edison International’s payout ratio is 100.30%.

Wall Street Analyst Weigh In

EIX has been the topic of several analyst reports. UBS Group upgraded shares of Edison International from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $69.00 to $65.00 in a research note on Tuesday, February 18th. Wells Fargo & Company dropped their target price on shares of Edison International from $94.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Barclays dropped their target price on shares of Edison International from $65.00 to $64.00 and set an “overweight” rating on the stock in a research note on Tuesday. Morgan Stanley upped their target price on shares of Edison International from $48.00 to $52.00 and gave the stock an “underweight” rating in a research note on Thursday, March 20th. Finally, The Goldman Sachs Group lowered their price objective on shares of Edison International from $88.00 to $68.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.75.

Edison International 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.