Daily Stock Pick: March 21st, 2023

Stocks sought to add to yesterday’s gains this morning ahead of tomorrow’s Fed decision announcement. Traders expect the Fed to continue its rate hiking path with a 25 basis point increase despite recent banking turmoil. 

Investing in dividend-paying stocks can be a great way to generate predictable returns during volatile times. Our recommendation for today has a long history of paying generous dividends and allows investors 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 growth 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 boasts impressive financial conditions, exceeding analyst predictions for the last four consecutive quarters. The company also pays a dividend of 74 cents, which translates to a succulent 4.3% yield.

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