Essential Utilities, Inc. (NYSE:WTRG) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System increased its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 1.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,514 shares of the company’s stock after purchasing an additional 1,068 shares during the period. Arizona State Retirement System’s holdings in Essential Utilities were worth $2,743,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Proficio Capital Partners LLC purchased a new position in Essential Utilities during the fourth quarter worth $1,621,000. Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of Essential Utilities by 42.6% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,043,011 shares of the company’s stock valued at $74,202,000 after acquiring an additional 609,915 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Essential Utilities by 10.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,071,868 shares of the company’s stock worth $75,250,000 after purchasing an additional 199,936 shares in the last quarter. State of Michigan Retirement System raised its stake in Essential Utilities by 12.5% in the 4th quarter. State of Michigan Retirement System now owns 67,271 shares of the company’s stock valued at $2,443,000 after purchasing an additional 7,500 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Essential Utilities by 0.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 38,652 shares of the company’s stock valued at $1,404,000 after purchasing an additional 356 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WTRG has been the subject of a number of recent research reports. Jefferies Financial Group upgraded shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Tuesday, January 28th. Evercore ISI lifted their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 5th. UBS Group cut their price target on Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Wells Fargo & Company raised their price objective on Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Essential Utilities Stock Performance

Shares of WTRG stock opened at $39.81 on Monday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. has a one year low of $33.18 and a one year high of $41.78. The company has a 50 day moving average price of $35.85 and a 200 day moving average price of $37.80.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $604.38 million during the quarter, compared to the consensus estimate of $698.77 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. Sell-side analysts anticipate that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be issued a $0.3255 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.27%. Essential Utilities’s dividend payout ratio (DPR) is 59.91%.

Essential Utilities 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.