Daily Stock Pick: February 24th, 2023

The Federal Reserve affirmed its dedication to its battle against inflation during this week’s FOMC meeting minutes release. Amid mounting concerns that the Fed will continue hiking interest rates, many investors are seeking ways to shore up their portfolios.  

Investing in dividend-paying stocks can be a great way to generate predictable returns during times of uncertainty. Our stock recommendation for today has a long history of paying generous dividends and offers investors the opportunity to earn a steady income with relatively low risk.

Edison International (EIX)

Dividend-paying utility stocks provide stable and secure long-term cash flow growth by providing essential services. The public utility holding company is preparing for 100% carbon-free electricity by 2045 and setting itself up for multiple years of development through increased capital expenditure in electric-led clean energy sources. The company plans to double the 4,300 miles of primary lines equipped with insulated conductors by 2028. 

EIX’s impressive financial condition exceeded analyst predictions for the last four consecutive quarters. The company also pays a dividend of 74 cents, which translates into a succulent 4.4% yield.

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