Bank of America Corp DE Buys 65,139 Shares of The York Water Company $YORW

Key Points

• Bank of America acquired 65,139 shares of York Water valued at approximately $2.0 million, giving it a 0.40% stake. Institutional investors and hedge funds collectively own 49.86% of the company.
• York Water reported quarterly earnings of $0.49 per share, exceeding estimates of $0.40, while revenue of $23.52 million also topped expectations.
• The company declared a quarterly dividend of $0.228 per share, representing an annualized dividend of $0.91 and a 3.0% yield; analysts maintain a consensus “Hold” rating with a $31 price target.

Bank of America Corp DE purchased a new position in The York Water Company (NASDAQ:YORW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 65,139 shares of the utilities provider's stock, valued at approximately $1,997,000. Bank of America Corp DE owned about 0.40% of York Water as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in York Water in the second quarter valued at approximately $39,283,000. Legal & General Group Plc acquired a new stake in York Water in the second quarter worth $9,859,000. Bank of New York Mellon Corp acquired a new stake in York Water in the second quarter worth $4,714,000. Renaissance Technologies LLC lifted its stake in York Water by 80.8% in the first quarter. Renaissance Technologies LLC now owns 204,036 shares of the utilities provider's stock valued at $6,213,000 after buying an additional 91,200 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in York Water by 36.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 326,730 shares of the utilities provider's stock valued at $9,949,000 after buying an additional 86,917 shares during the last quarter. Institutional investors and hedge funds own 49.86% of the company's stock.

York Water Stock Down 0.3%

York Water stock opened at $30.62 on Thursday. The York Water Company has a 52 week low of $28.26 and a 52 week high of $34.81. The stock has a market cap of $496.96 million, a price-to-earnings ratio of 19.02 and a beta of 0.60. The company's 50-day moving average price is $32.58 and its two-hundred day moving average price is $31.09. The company has a current ratio of 1.05, a quick ratio of 0.88 and a debt-to-equity ratio of 0.64.

York Water (NASDAQ:YORW - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.09. The company had revenue of $23.52 million during the quarter, compared to analyst estimates of $22.18 million. York Water had a net margin of 28.53% and a return on equity of 9.38%.

York Water Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.2280 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.91 annualized dividend and a dividend yield of 3.0%. York Water's dividend payout ratio is 56.52%.

Insider Buying and Selling at York Water

In other York Water news, CEO Joseph Hand sold 8,000 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $33.28, for a total value of $266,240.00. Following the sale, the chief executive officer directly owned 35,308 shares in the company, valued at approximately $1,175,050.24. The trade was a 18.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired a total of 90 shares of company stock valued at $3,011 in the last ninety days. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on YORW shares. Cantor Fitzgerald set a $31.00 price target on shares of York Water in a research report on Monday, August 10th. Weiss Ratings upgraded shares of York Water from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, York Water currently has a consensus rating of "Hold" and an average price target of $31.00.

York Water Company Profile

The York Water Company NASDAQ: YORW is a regulated public utility that provides water and wastewater services in south-central Pennsylvania. Its operations include the collection, treatment, distribution and sale of potable water, along with wastewater collection and treatment services for residential, commercial, industrial and municipal customers.

Founded in 1816, York Water is one of the oldest investor-owned water utilities in the United States. The company owns and operates water systems, treatment facilities, reservoirs, wells and distribution infrastructure designed to deliver reliable service and support communities throughout its service territory.

York Water primarily serves customers in York, Adams and Franklin counties in Pennsylvania.

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