Bank of America Corp DE Makes New $2.27 Million Investment in Middlesex Water Company $MSEX

Key Points

• Bank of America acquired 40,437 Middlesex Water shares worth approximately $2.27 million, while institutional ownership reached 79.52% after several major investors initiated positions during the second quarter.
• Middlesex Water exceeded quarterly expectations, reporting $0.79 in earnings per share versus the $0.66 consensus estimate and revenue of $56.36 million, ahead of the $54.51 million forecast.
• The stock opened at $52.97, below analysts’ average price target of $61.67. The company maintains a quarterly dividend of $0.36, equivalent to an annualized $1.44 payout and a 2.7% yield.

Bank of America Corp DE acquired a new position in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,437 shares of the utilities provider's stock, valued at approximately $2,271,000. Bank of America Corp DE owned about 0.21% of Middlesex Water at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Middlesex Water during the 2nd quarter valued at about $176,031,000. Legal & General Group Plc bought a new stake in Middlesex Water during the second quarter worth $24,570,000. Bank of New York Mellon Corp bought a new stake in Middlesex Water during the second quarter worth $10,054,000. Jupiter Topco LLC purchased a new stake in Middlesex Water in the 2nd quarter valued at $7,264,000. Finally, Nuance Investments LLC bought a new position in Middlesex Water during the 2nd quarter valued at $4,820,000. 79.52% of the stock is owned by institutional investors.

Insider Transactions at Middlesex Water

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $57.61, for a total value of $35,430.15. Following the sale, the vice president directly owned 3,978 shares in the company, valued at $229,172.58. The trade was a 13.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.92% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on MSEX. New Street Research set a $64.00 target price on shares of Middlesex Water in a research note on Thursday, July 9th. Robert W. Baird set a $66.00 price target on shares of Middlesex Water in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Middlesex Water from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $61.67.

Middlesex Water Trading Down 0.4%

NASDAQ MSEX opened at $52.97 on Thursday. The business's fifty day moving average is $57.00 and its 200-day moving average is $54.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.50 and a quick ratio of 0.41. The stock has a market capitalization of $997.95 million, a price-to-earnings ratio of 20.45 and a beta of 0.74. Middlesex Water Company has a one year low of $44.17 and a one year high of $62.17.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.13. The company had revenue of $56.36 million during the quarter, compared to analyst estimates of $54.51 million. Middlesex Water had a net margin of 23.26% and a return on equity of 9.59%.

Middlesex Water Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, August 17th. Middlesex Water's dividend payout ratio (DPR) is currently 55.60%.

Middlesex Water Company Profile

Middlesex Water Company NASDAQ: MSEX is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and public-sector customers. Its core activities include the collection, treatment, storage and distribution of potable water, as well as wastewater collection and treatment services.

The company's principal service territory is in central New Jersey, where it supplies water to communities and operates related wastewater facilities.

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