Essential Utilities, Inc. (NYSE:WTRG) Shares Acquired by M&T Bank Corp

M&T Bank Corp increased its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 5.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,488 shares of the company’s stock after purchasing an additional 2,860 shares during the period. M&T Bank Corp’s holdings in Essential Utilities were worth $2,025,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Friedenthal Financial acquired a new stake in shares of Essential Utilities during the 3rd quarter worth about $25,000. Brooklyn Investment Group acquired a new stake in Essential Utilities during the third quarter worth approximately $26,000. Darwin Wealth Management LLC purchased a new stake in Essential Utilities in the 3rd quarter worth approximately $28,000. First Horizon Advisors Inc. raised its holdings in Essential Utilities by 61.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock valued at $30,000 after acquiring an additional 294 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of Essential Utilities during the 3rd quarter worth $42,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Analyst Upgrades and Downgrades

WTRG has been the subject of several analyst reports. Jefferies Financial Group lowered Essential Utilities from a “buy” rating to a “hold” rating and dropped their target price for the company from $44.00 to $41.00 in a research note on Thursday, November 7th. Wells Fargo & Company cut their price objective on shares of Essential Utilities from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Robert W. Baird raised their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, Bank of America reaffirmed a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Essential Utilities Stock Performance

NYSE WTRG opened at $38.69 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39. Essential Utilities, Inc. has a 1-year low of $33.57 and a 1-year high of $41.78. The firm has a market capitalization of $10.62 billion, a P/E ratio of 19.35, a P/E/G ratio of 3.05 and a beta of 0.85. The business’s 50-day simple moving average is $39.34 and its 200-day simple moving average is $38.94.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The firm had revenue of $435.30 million for the quarter, compared to analysts’ expectations of $416.95 million. During the same period in the previous year, the company posted $0.30 earnings per share. Essential Utilities’s revenue was up 5.8% compared to the same quarter last year. Equities analysts predict that Essential Utilities, Inc. will post 2.01 EPS for the current year.

Essential Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 10th will be issued a $0.3255 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $1.30 annualized dividend and a yield of 3.37%. Essential Utilities’s dividend payout ratio is currently 65.00%.

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.