Victory Capital Management Inc. Sells 127,797 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Victory Capital Management Inc. lessened its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 69.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 55,022 shares of the company’s stock after selling 127,797 shares during the period. Victory Capital Management Inc.’s holdings in Essential Utilities were worth $2,054,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. 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. Quest Partners LLC purchased a new position in shares of Essential Utilities during the fourth quarter valued at approximately $36,000. Tradition Wealth Management LLC grew its stake in shares of Essential Utilities by 246.0% during the fourth quarter. Tradition Wealth Management LLC now owns 955 shares of the company’s stock valued at $36,000 after buying an additional 679 shares during the last quarter. Voisard Asset Management Group Inc. purchased a new stake in shares of Essential Utilities in the second quarter worth approximately $37,000. Finally, Webster Bank N. A. bought a new stake in shares of Essential Utilities during the 1st quarter worth approximately $41,000. 74.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on WTRG shares. Wells Fargo & Company upped their price objective on Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI raised their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, Robert W. Baird lifted their price objective on shares of Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. One 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 presently has an average rating of “Moderate Buy” and an average target price of $44.40.

Essential Utilities Stock Performance

WTRG stock opened at $39.26 on Wednesday. Essential Utilities, Inc. has a 1-year low of $32.07 and a 1-year high of $41.78. The business has a 50-day moving average price of $39.74 and a 200 day moving average price of $37.87. The company has a market capitalization of $10.74 billion, a P/E ratio of 18.61, a PEG ratio of 3.46 and a beta of 0.85. 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 (NYSE:WTRG) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.28 EPS 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 business had revenue of $434.40 million during the quarter, compared to the consensus estimate of $442.76 million. During the same quarter in the prior year, the firm posted $0.34 EPS. The company’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities research analysts forecast that Essential Utilities, Inc. will post 1.94 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were given a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a yield of 3.32%. The ex-dividend date was Monday, August 12th. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio (DPR) is 61.61%.

Insider Activity

In related news, CAO Robert A. Rubin sold 2,342 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.43, for a total transaction of $87,661.06. Following the completion of the sale, the chief accounting officer now directly owns 53,391 shares in the company, valued at approximately $1,998,425.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.21% of the company’s stock.

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.