Peapack Gladstone Financial Corp Sells 602 Shares of Edison International (NYSE:EIX)

Peapack Gladstone Financial Corp decreased its position in Edison International (NYSE:EIX) by 6.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,918 shares of the utilities provider’s stock after selling 602 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Edison International were worth $777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of EIX. Highline Wealth Partners LLC bought a new stake in shares of Edison International in the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its stake in Edison International by 0.8% in the third quarter. Groupama Asset Managment now owns 29,911 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 237 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Edison International during the second quarter valued at about $27,000. Eastern Bank bought a new position in shares of Edison International during the third quarter valued at about $27,000. Finally, Farmers & Merchants Investments Inc. increased its holdings in shares of Edison International by 53.8% in the second quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider’s stock worth $29,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Edison International Price Performance

EIX stock opened at $81.89 on Monday. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.88 and a quick ratio of 0.81. Edison International has a 1 year low of $63.15 and a 1 year high of $88.77. The firm has a 50-day moving average of $84.27 and a 200 day moving average of $81.21. The company has a market cap of $31.70 billion, a P/E ratio of 24.01, a PEG ratio of 1.96 and a beta of 0.92.

Edison International (NYSE:EIX) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.13. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.38 EPS. On average, sell-side analysts forecast that Edison International will post 4.94 EPS for the current year.

Edison International Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, January 7th will be issued a $0.8275 dividend. This is an increase from Edison International’s previous quarterly dividend of $0.78. The ex-dividend date is Tuesday, January 7th. This represents a $3.31 dividend on an annualized basis and a yield of 4.04%. Edison International’s dividend payout ratio is 97.07%.

Insider Buying and Selling at Edison International

In other news, VP Adam S. Umanoff sold 25,619 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on EIX. Bank of America started coverage on Edison International in a report on Thursday, September 12th. They set a “buy” rating and a $95.00 target price for the company. Barclays raised their target price on shares of Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. UBS Group upped their price target on shares of Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Royal Bank of Canada raised their price target on shares of Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, Morgan Stanley lowered their price objective on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Edison International presently has a consensus rating of “Moderate Buy” and an average target price of $88.75.

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.