Essential Utilities, Inc. (NYSE:WTRG) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund decreased its position in Essential Utilities, Inc. (NYSE:WTRG) by 3.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 544,850 shares of the company’s stock after selling 19,908 shares during the quarter. New York State Common Retirement Fund owned about 0.20% of Essential Utilities worth $21,015,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Essential Utilities by 4.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 558,821 shares of the company’s stock valued at $20,704,000 after purchasing an additional 25,812 shares during the last quarter. Norden Group LLC purchased a new stake in shares of Essential Utilities during the first quarter valued at $209,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Essential Utilities by 38.0% during the first quarter. Sequoia Financial Advisors LLC now owns 8,524 shares of the company’s stock valued at $316,000 after purchasing an additional 2,349 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Essential Utilities by 24.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,334 shares of the company’s stock valued at $782,000 after purchasing an additional 3,843 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Essential Utilities by 2.8% during the first quarter. Janney Montgomery Scott LLC now owns 140,782 shares of the company’s stock valued at $5,216,000 after purchasing an additional 3,779 shares during the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Stock Performance

Shares of WTRG stock opened at $38.63 on Tuesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. Essential Utilities, Inc. has a fifty-two week low of $33.28 and a fifty-two week high of $41.78. The stock’s 50-day moving average is $38.98 and its two-hundred day moving average is $38.63. The firm has a market cap of $10.57 billion, a P/E ratio of 18.84, a PEG ratio of 3.35 and a beta of 0.84.

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 return on equity of 8.16% and a net margin of 28.74%. The firm had revenue of $434.40 million during the quarter, compared to analyst estimates of $442.76 million. During the same period in the previous year, the company earned $0.34 earnings per share. The business’s revenue for the quarter was down .5% on a year-over-year basis. Analysts predict that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Tuesday, November 12th. Essential Utilities’s payout ratio is currently 63.41%.

Wall Street Analysts Forecast Growth

WTRG has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Essential Utilities in a report on Monday, October 7th. They set a “buy” rating and a $44.00 target price for the company. Robert W. Baird upped their price target on Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Bank of America reissued a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. 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. Finally, Evercore ISI upped their price target on Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.80.

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.