Raymond James Financial Inc. Purchases Shares of 8,587 Artesian Resources Co. (NASDAQ:ARTNA)

Raymond James Financial Inc. bought a new position in Artesian Resources Co. (NASDAQ:ARTNA - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,587 shares of the utilities provider's stock, valued at approximately $272,000. Raymond James Financial Inc. owned about 0.08% of Artesian Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in Artesian Resources by 169.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,035 shares of the utilities provider's stock valued at $596,000 after acquiring an additional 10,089 shares in the last quarter. R Squared Ltd purchased a new position in shares of Artesian Resources in the fourth quarter worth $63,000. Bank of New York Mellon Corp lifted its holdings in shares of Artesian Resources by 16.9% during the fourth quarter. Bank of New York Mellon Corp now owns 85,766 shares of the utilities provider's stock valued at $2,712,000 after purchasing an additional 12,396 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Artesian Resources by 103.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 22,598 shares of the utilities provider's stock valued at $715,000 after buying an additional 11,502 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Artesian Resources by 30.3% in the 4th quarter. American Century Companies Inc. now owns 17,195 shares of the utilities provider's stock worth $544,000 after buying an additional 3,995 shares in the last quarter. 57.37% of the stock is currently owned by institutional investors.

Artesian Resources Stock Performance

Artesian Resources stock traded down $0.37 during midday trading on Wednesday, reaching $32.54. 42,582 shares of the company traded hands, compared to its average volume of 50,541. Artesian Resources Co. has a 12 month low of $29.45 and a 12 month high of $41.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.22 and a quick ratio of 1.07. The business has a 50 day moving average of $33.24 and a two-hundred day moving average of $32.69. The firm has a market capitalization of $335.26 million, a price-to-earnings ratio of 16.69 and a beta of 0.36.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The utilities provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.18. Artesian Resources had a return on equity of 8.57% and a net margin of 18.96%. The firm had revenue of $25.89 million for the quarter, compared to analysts' expectations of $25.00 million. As a group, research analysts predict that Artesian Resources Co. will post 1.92 earnings per share for the current year.

Artesian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Friday, May 16th will be given a $0.3074 dividend. This represents a $1.23 annualized dividend and a yield of 3.78%. This is a boost from Artesian Resources's previous quarterly dividend of $0.30. The ex-dividend date is Friday, May 16th. Artesian Resources's dividend payout ratio (DPR) is presently 59.13%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Artesian Resources from a "hold" rating to a "buy" rating in a research note on Monday, May 5th.

About Artesian Resources

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware.