Wealthspire Advisors LLC Lowers Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Wealthspire Advisors LLC lowered its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 5.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,084 shares of the company’s stock after selling 1,089 shares during the quarter. Wealthspire Advisors LLC’s holdings in Essential Utilities were worth $675,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of WTRG. Kingswood Wealth Advisors LLC raised its holdings in Essential Utilities by 4.5% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 6,947 shares of the company’s stock valued at $259,000 after buying an additional 297 shares during the period. Sanibel Captiva Trust Company Inc. raised its stake in shares of Essential Utilities by 5.4% in the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 6,491 shares of the company’s stock valued at $240,000 after acquiring an additional 334 shares during the period. Meeder Advisory Services Inc. lifted its holdings in shares of Essential Utilities by 5.5% in the 1st quarter. Meeder Advisory Services Inc. now owns 6,506 shares of the company’s stock worth $241,000 after acquiring an additional 339 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Essential Utilities by 8.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,416 shares of the company’s stock worth $165,000 after purchasing an additional 352 shares during the period. Finally, First Affirmative Financial Network increased its holdings in Essential Utilities by 5.1% in the 1st quarter. First Affirmative Financial Network now owns 7,910 shares of the company’s stock valued at $293,000 after purchasing an additional 386 shares during the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Trading Up 2.3 %

WTRG opened at $39.33 on Monday. 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 stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 3.51 and a beta of 0.85. The business has a fifty day moving average price of $39.65 and a 200 day moving average price of $37.81. Essential Utilities, Inc. has a 12 month low of $32.07 and a 12 month high of $41.78.

Essential Utilities (NYSE:WTRG) last released its earnings results on Monday, August 5th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $442.76 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The firm’s quarterly revenue was down .5% on a year-over-year basis. Sell-side analysts expect that Essential Utilities, Inc. will post 1.94 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 3.31%. The ex-dividend date was Monday, August 12th. Essential Utilities’s payout ratio is 61.61%.

Insider Buying and Selling

In other Essential Utilities news, CAO Robert A. Rubin sold 2,342 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.43, for a total value of $87,661.06. Following the sale, the chief accounting officer now directly owns 53,391 shares in the company, valued at $1,998,425.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on WTRG. Wells Fargo & Company upped their price target on Essential Utilities from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI raised their target price on Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Robert W. Baird boosted their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Essential Utilities presently has a consensus rating of “Moderate Buy” and an average target price of $44.40.

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.