Assenagon Asset Management S.A. Has $1.48 Million Stake in Essential Utilities, Inc. (NYSE:WTRG)

Assenagon Asset Management S.A. lifted its position in Essential Utilities, Inc. (NYSE:WTRG) by 286.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,373 shares of the company’s stock after purchasing an additional 28,444 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Essential Utilities were worth $1,480,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Friedenthal Financial bought a new stake in Essential Utilities in the third quarter valued at $25,000. Voisard Asset Management Group Inc. bought a new stake in Essential Utilities in the second quarter valued at $37,000. Bfsg LLC grew its position in Essential Utilities by 157.0% in the third quarter. Bfsg LLC now owns 1,190 shares of the company’s stock valued at $46,000 after acquiring an additional 727 shares during the period. Mascoma Wealth Management LLC bought a new stake in Essential Utilities in the second quarter valued at $66,000. Finally, Cultivar Capital Inc. bought a new stake in Essential Utilities in the second quarter valued at $70,000. 74.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Essential Utilities Price Performance

Shares of WTRG stock opened at $38.24 on Friday. The stock’s fifty day moving average is $38.99 and its 200-day moving average is $38.54. The stock has a market capitalization of $10.47 billion, a PE ratio of 18.65, a PEG ratio of 3.36 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 debt-to-equity ratio of 1.14, a quick ratio of 0.44 and a current ratio of 0.58.

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

Essential Utilities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Tuesday, November 12th. Essential Utilities’s dividend 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.