Raymond James & Associates Cuts Position in Essential Utilities, Inc. (NYSE:WTRG)

Raymond James & Associates trimmed its stake in Essential Utilities, Inc. (NYSE:WTRG) by 22.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,578 shares of the company’s stock after selling 31,211 shares during the period. Raymond James & Associates’ holdings in Essential Utilities were worth $4,226,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Essential Utilities by 11.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 37,058 shares of the company’s stock valued at $1,373,000 after buying an additional 3,919 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Essential Utilities by 4.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 558,821 shares of the company’s stock worth $20,704,000 after acquiring an additional 25,812 shares in the last quarter. Norden Group LLC purchased a new stake in Essential Utilities during the first quarter valued at approximately $209,000. Van ECK Associates Corp boosted its stake in Essential Utilities by 2.6% in the first quarter. Van ECK Associates Corp now owns 62,437 shares of the company’s stock valued at $2,313,000 after acquiring an additional 1,575 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Essential Utilities by 38.0% in the first quarter. Sequoia Financial Advisors LLC now owns 8,524 shares of the company’s stock worth $316,000 after purchasing an additional 2,349 shares during the last quarter. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Evercore ISI increased their price objective on Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Jefferies Financial Group assumed coverage on Essential Utilities in a report on Monday, October 7th. They issued a “buy” rating and a $44.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America reiterated a “buy” rating and issued a $45.00 target price on shares of Essential Utilities in a research note on Friday, September 20th. Finally, Robert W. Baird upped their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.80.

Essential Utilities Trading Down 0.9 %

Shares of NYSE:WTRG opened at $38.24 on Friday. The business has a 50-day moving average price of $38.99 and a 200-day moving average price of $38.57. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 3.35 and a beta of 0.84. Essential Utilities, Inc. has a 52-week low of $33.28 and a 52-week high of $41.78. The company has a quick ratio of 0.44, a current ratio of 0.58 and a debt-to-equity ratio of 1.14.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.02). The business had revenue of $434.40 million for the quarter, compared to analyst estimates of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. Equities analysts predict that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.3255 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.40%. Essential Utilities’s payout ratio is currently 63.41%.

Essential Utilities Company Profile

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.