Essential Utilities, Inc. (NYSE:WTRG) Shares Acquired by IFM Investors Pty Ltd

IFM Investors Pty Ltd raised its stake in Essential Utilities, Inc. (NYSE:WTRG) by 8.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 100,421 shares of the company’s stock after acquiring an additional 8,033 shares during the quarter. IFM Investors Pty Ltd’s holdings in Essential Utilities were worth $3,721,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Essential Utilities by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 27,992,080 shares of the company’s stock worth $1,045,504,000 after acquiring an additional 823,495 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Essential Utilities by 0.7% during the third quarter. Northern Trust Corp now owns 3,386,733 shares of the company’s stock worth $116,267,000 after purchasing an additional 24,991 shares during the last quarter. Duff & Phelps Investment Management Co. increased its stake in Essential Utilities by 11.4% in the fourth quarter. Duff & Phelps Investment Management Co. now owns 3,069,377 shares of the company’s stock valued at $114,641,000 after purchasing an additional 313,277 shares during the last quarter. Legal & General Group Plc lifted its position in Essential Utilities by 6.1% during the third quarter. Legal & General Group Plc now owns 2,918,202 shares of the company’s stock worth $100,182,000 after buying an additional 166,891 shares during the period. Finally, Norges Bank acquired a new stake in shares of Essential Utilities during the 4th quarter worth $97,288,000. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Essential Utilities news, CAO Robert A. Rubin sold 5,565 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $37.21, for a total transaction of $207,073.65. Following the sale, the chief accounting officer now directly owns 57,756 shares in the company, valued at approximately $2,149,100.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Evercore ISI reduced their price target on shares of Essential Utilities from $51.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Essential Utilities Stock Performance

WTRG traded down $0.48 during trading on Friday, reaching $36.09. 1,273,344 shares of the company were exchanged, compared to its average volume of 1,636,954. The company has a current ratio of 0.62, a quick ratio of 0.48 and a debt-to-equity ratio of 1.16. Essential Utilities, Inc. has a 52 week low of $32.07 and a 52 week high of $43.74. The firm has a 50 day moving average of $35.74 and a 200 day moving average of $35.74. The stock has a market cap of $9.87 billion, a P/E ratio of 19.40, a PEG ratio of 3.18 and a beta of 0.82.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Friday, February 23rd. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. The firm had revenue of $479.40 million during the quarter, compared to analysts’ expectations of $708.50 million. Essential Utilities had a net margin of 24.26% and a return on equity of 8.68%. Essential Utilities’s quarterly revenue was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, sell-side analysts forecast that Essential Utilities, Inc. will post 2 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be paid a $0.3071 dividend. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.23 annualized dividend and a dividend yield of 3.40%. Essential Utilities’s dividend payout ratio is presently 66.13%.

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.