Middlesex Water (NASDAQ:MSEX – Get Free Report) announced a quarterly dividend on Monday, January 29th, Zacks reports. Shareholders of record on Thursday, February 15th will be given a dividend of 0.325 per share by the utilities provider on Friday, March 1st. This represents a $1.30 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Wednesday, February 14th.
Middlesex Water has increased its dividend by an average of 6.6% annually over the last three years and has increased its dividend every year for the last 51 years. Middlesex Water has a payout ratio of 52.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Middlesex Water to earn $2.43 per share next year, which means the company should continue to be able to cover its $1.30 annual dividend with an expected future payout ratio of 53.5%.
Middlesex Water Price Performance
Shares of NASDAQ MSEX opened at $57.58 on Tuesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.07 and a current ratio of 1.12. Middlesex Water has a fifty-two week low of $54.01 and a fifty-two week high of $86.97. The stock has a market cap of $1.03 billion, a PE ratio of 31.29 and a beta of 0.77. The stock has a fifty day moving average of $62.67 and a 200-day moving average of $67.51.
Wall Street Analysts Forecast Growth
In related news, Director James F. Jr. Cosgrove sold 1,352 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $66.83, for a total value of $90,354.16. Following the sale, the director now owns 7,742 shares in the company, valued at $517,397.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.86% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new position in Middlesex Water in the 4th quarter worth approximately $25,000. Lazard Asset Management LLC purchased a new position in Middlesex Water in the fourth quarter worth $42,000. Tower Research Capital LLC TRC increased its stake in Middlesex Water by 71.1% in the third quarter. Tower Research Capital LLC TRC now owns 580 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 241 shares during the last quarter. US Bancorp DE raised its position in Middlesex Water by 60.4% during the fourth quarter. US Bancorp DE now owns 648 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 244 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Middlesex Water by 2,666.7% during the second quarter. Captrust Financial Advisors now owns 664 shares of the utilities provider’s stock worth $58,000 after purchasing an additional 640 shares during the last quarter. 70.52% of the stock is currently owned by institutional investors.
About Middlesex Water
Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.
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