DekaBank Deutsche Girozentrale Grows Stock Position in Essential Utilities, Inc. (NYSE:WTRG)

DekaBank Deutsche Girozentrale increased its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 2.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 353,836 shares of the company’s stock after purchasing an additional 8,988 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Essential Utilities were worth $13,412,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WTRG. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Essential Utilities by 11.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 37,058 shares of the company’s stock worth $1,373,000 after purchasing an additional 3,919 shares during the period. State of Michigan Retirement System increased its position in shares of Essential Utilities by 2.5% during the first quarter. State of Michigan Retirement System now owns 61,771 shares of the company’s stock valued at $2,289,000 after acquiring an additional 1,500 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Essential Utilities by 4.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 558,821 shares of the company’s stock valued at $20,704,000 after acquiring an additional 25,812 shares during the period. Tradewinds Capital Management LLC lifted its holdings in shares of Essential Utilities by 857.5% in the 1st quarter. Tradewinds Capital Management LLC now owns 699 shares of the company’s stock worth $26,000 after acquiring an additional 626 shares during the last quarter. Finally, Norden Group LLC purchased a new position in shares of Essential Utilities during the 1st quarter worth approximately $209,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Analyst Ratings Changes

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

Essential Utilities Price Performance

WTRG stock opened at $38.51 on Wednesday. The business’s 50-day moving average is $39.03 and its two-hundred day moving average is $38.51. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. The firm has a market capitalization of $10.54 billion, a P/E ratio of 18.78, a P/E/G ratio of 3.37 and a beta of 0.84. Essential Utilities, Inc. has a 1 year low of $32.95 and a 1 year high of $41.78.

Essential Utilities (NYSE:WTRG) last issued its earnings results on Monday, August 5th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The firm had revenue of $434.40 million during the quarter, compared to analyst estimates of $442.76 million. During the same period last year, the business earned $0.34 EPS. The firm’s revenue was down .5% compared to the same quarter last year. Analysts anticipate that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.3255 per share. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.30 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Monday, August 12th. Essential Utilities’s payout ratio is 63.41%.

About Essential Utilities

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.