Global Water Resources, Inc. (NASDAQ:GWRS) Announces Monthly Dividend of $0.03

Global Water Resources, Inc. (NASDAQ:GWRSGet Rating) announced a monthly dividend on Friday, April 29th, Zacks reports. Stockholders of record on Tuesday, May 17th will be given a dividend of 0.025 per share by the utilities provider on Tuesday, May 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Monday, May 16th. This is a boost from Global Water Resources’s previous monthly dividend of $0.02.

Global Water Resources has increased its dividend payment by an average of 1.0% per year over the last three years and has raised its dividend every year for the last 4 years. Global Water Resources has a payout ratio of 145.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Global Water Resources to earn $0.20 per share next year, which means the company may not be able to cover its $0.29 annual dividend with an expected future payout ratio of 145.0%.

NASDAQ:GWRS opened at $14.32 on Friday. The firm has a market capitalization of $326.93 million, a P/E ratio of 84.24, a PEG ratio of 6.05 and a beta of 0.63. Global Water Resources has a 1-year low of $14.23 and a 1-year high of $21.25. The company’s fifty day moving average price is $15.88 and its 200-day moving average price is $16.65. The company has a debt-to-equity ratio of 3.63, a current ratio of 1.12 and a quick ratio of 1.12.

Global Water Resources (NASDAQ:GWRSGet Rating) last released its quarterly earnings results on Thursday, March 10th. The utilities provider reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The company had revenue of $10.31 million for the quarter, compared to analyst estimates of $10.10 million. Global Water Resources had a net margin of 8.61% and a return on equity of 7.91%. Equities analysts anticipate that Global Water Resources will post 0.16 EPS for the current fiscal year.

Separately, StockNews.com downgraded shares of Global Water Resources from a “buy” rating to a “hold” rating in a research note on Sunday, March 27th.

In related news, Director Andrew M. Cohn purchased 7,283 shares of Global Water Resources stock in a transaction dated Monday, March 21st. The shares were acquired at an average cost of $16.00 per share, with a total value of $116,528.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Andrew M. Cohn bought 2,993 shares of Global Water Resources stock in a transaction on Monday, March 14th. The shares were acquired at an average price of $16.00 per share, for a total transaction of $47,888.00. The disclosure for this purchase can be found here. Insiders bought a total of 44,419 shares of company stock worth $710,585 over the last three months. Insiders own 45.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Global Water Resources by 4.5% in the fourth quarter. BlackRock Inc. now owns 671,914 shares of the utilities provider’s stock valued at $11,489,000 after purchasing an additional 29,100 shares during the period. Geode Capital Management LLC raised its stake in Global Water Resources by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 189,061 shares of the utilities provider’s stock valued at $3,232,000 after buying an additional 12,822 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Global Water Resources by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 112,151 shares of the utilities provider’s stock valued at $2,099,000 after buying an additional 1,733 shares in the last quarter. Invesco Ltd. raised its stake in Global Water Resources by 29.1% in the third quarter. Invesco Ltd. now owns 64,069 shares of the utilities provider’s stock valued at $1,200,000 after buying an additional 14,443 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Global Water Resources by 40.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 41,938 shares of the utilities provider’s stock valued at $717,000 after buying an additional 11,992 shares in the last quarter. Hedge funds and other institutional investors own 32.11% of the company’s stock.

Global Water Resources Company Profile (Get Rating)

Global Water Resources, Inc, a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2020, it served approximately 74,048 people in approximately 27,630 homes. The company was founded in 2003 and is based in Phoenix, Arizona.

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Dividend History for Global Water Resources (NASDAQ:GWRS)

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