ROSEMEAD, Calif. - Edison International (NYSE: NYSE:EIX), a major electric utility holding company, announced that its board of directors has declared a quarterly dividend. The dividend of $0.78 per share is scheduled to be paid on July 31, 2024, to shareholders who are on record as of July 8, 2024.
The company is known for its focus on providing clean and reliable energy and energy services through its subsidiaries. Edison International is the parent company of Southern California Edison Company, which delivers electricity to approximately 15 million individuals in various parts of California, including Southern, Central, and Coastal regions. Additionally, Edison International owns Trio, a group of nonregulated competitive businesses that offer integrated sustainability and energy advisory services to large commercial and institutional clients in North America and Europe.
The declaration of the dividend reflects the company's commitment to return value to its shareholders and indicates its financial health and confidence in its business operations. Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and they are often viewed as a sign of a company's stability and profitability.
InvestingPro Insights
Edison International (NYSE: EIX) continues to demonstrate its commitment to shareholders with the recent declaration of a $0.78 per share quarterly dividend. The consistency in returning value is backed by a track record of 18 consecutive years of raising its dividend, a testament to its financial health. This is a significant aspect for investors seeking stable dividend-paying stocks, as indicated by an InvestingPro Tip that highlights the company's history of maintaining dividend payments for 21 consecutive years.
In terms of financial metrics, Edison International currently holds a market capitalization of $27.66 billion. While the company is trading at a high earnings multiple with a P/E ratio of 31.43, it's worth noting that the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a more moderate 13.4. Despite a slight decline in revenue growth of -4.46% over the last twelve months, the company has managed to maintain a robust gross profit margin of 59.2%, indicating efficient control over costs relative to its revenues.
For potential and current investors, the dividend yield as of the day 178 of the year 2024 is an attractive 4.34%, coupled with a dividend growth of 5.76% in the last twelve months as of Q1 2024. These figures offer a compelling case for Edison International as a dividend investment option. Additionally, with analysts predicting profitability for the current year, as per another InvestingPro Tip, the outlook for the company remains positive.
Investors interested in further insights can find additional InvestingPro Tips for Edison International, which delve into aspects such as the company's debt burden and stock volatility, by visiting https://www.investing.com/pro/EIX. Moreover, for those contemplating an enhanced investment analysis experience, InvestingPro offers a comprehensive suite of tools and tips. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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