Bank of America Corp DE Grows Stock Position in Unitil Corporation $UTL

Key Points

• Bank of America increased its Unitil stake by 28.4% in the first quarter, owning 99,576 shares valued at approximately $5.2 million. Institutional investors collectively hold 76.76% of Unitil’s outstanding stock.
• Analysts maintain a consensus “Hold” rating with a $56.50 target price, while Unitil recently reported quarterly EPS of $0.29, exceeding estimates of $0.26.
• Unitil declared a quarterly dividend of $0.475, equivalent to $1.90 annually and a 3.6% yield. The stock recently traded at $53.45, within its 52-week range of $44.61 to $57.26.

Bank of America Corp DE grew its holdings in Unitil Corporation (NYSE:UTL - Free Report) by 28.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 99,576 shares of the utilities provider's stock after acquiring an additional 22,032 shares during the quarter. Bank of America Corp DE owned 0.55% of Unitil worth $5,202,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Unitil in the 4th quarter worth $26,000. Caitong International Asset Management Co. Ltd purchased a new stake in Unitil during the 3rd quarter valued at about $29,000. Larson Financial Group LLC acquired a new position in shares of Unitil in the fourth quarter valued at about $29,000. Quarry LP acquired a new position in shares of Unitil in the third quarter valued at about $32,000. Finally, Bessemer Group Inc. raised its stake in shares of Unitil by 196.1% in the first quarter. Bessemer Group Inc. now owns 610 shares of the utilities provider's stock worth $32,000 after purchasing an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 76.76% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on UTL shares. Freedom Capital cut shares of Unitil from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Weiss Ratings upgraded Unitil from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, August 17th. Finally, Wells Fargo & Company assumed coverage on shares of Unitil in a research note on Monday, May 11th. They issued an "equal weight" rating and a $56.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $56.50.

Unitil Price Performance

Unitil stock opened at $53.45 on Friday. Unitil Corporation has a 52-week low of $44.61 and a 52-week high of $57.26. The firm has a market capitalization of $974.77 million, a price-to-earnings ratio of 16.86 and a beta of 0.31. The company has a fifty day simple moving average of $53.67 and a 200-day simple moving average of $52.56. The company has a quick ratio of 0.45, a current ratio of 0.49 and a debt-to-equity ratio of 1.06.

Unitil (NYSE:UTL - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. The firm had revenue of $113.19 million for the quarter, compared to analyst estimates of $113.19 million. Unitil had a net margin of 9.49% and a return on equity of 9.53%. On average, equities analysts anticipate that Unitil Corporation will post 3.31 EPS for the current fiscal year.

Unitil Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be given a $0.475 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.6%. Unitil's dividend payout ratio is 59.94%.

Unitil Company Profile

Unitil Corporation NYSE: UTL is a publicly traded energy delivery company that provides regulated electric and natural gas distribution services. The company delivers energy to residential, commercial and industrial customers through a network of distribution systems, offering safe and reliable service across its service areas. Unitil's operations include system maintenance, emergency response, meter reading and customer support functions, all governed by state regulatory commissions.

Headquartered in Hampton, New Hampshire, Unitil serves communities in New Hampshire, Massachusetts and Maine.

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