Bank of New York Mellon Corp Buys Shares of 108,742 Unitil Corporation $UTL

Key Points

• Bank of New York Mellon acquired 108,742 Unitil shares worth approximately $5.73 million, gaining a 0.60% stake. Institutional investors collectively own 76.76% of the utility company.
• Unitil reported quarterly earnings of $0.29 per share, beating estimates of $0.26, on revenue of $113.19 million. Analysts maintain a consensus “Hold” rating with a $56.50 target price.
• Unitil paid a quarterly dividend of $0.475 per share, equivalent to $1.90 annually and a 3.5% yield.

Bank of New York Mellon Corp purchased a new position in shares of Unitil Corporation (NYSE:UTL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 108,742 shares of the utilities provider's stock, valued at approximately $5,730,000. Bank of New York Mellon Corp owned about 0.60% of Unitil at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Unitil by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 1,538,652 shares of the utilities provider's stock valued at $74,532,000 after buying an additional 67,456 shares in the last quarter. State Street Corp increased its holdings in Unitil by 4.5% in the 4th quarter. State Street Corp now owns 721,277 shares of the utilities provider's stock worth $34,939,000 after acquiring an additional 31,186 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Unitil by 17.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 717,423 shares of the utilities provider's stock worth $37,414,000 after acquiring an additional 108,254 shares in the last quarter. Wellington Management Group LLP raised its stake in Unitil by 94.0% during the 4th quarter. Wellington Management Group LLP now owns 601,260 shares of the utilities provider's stock worth $29,125,000 after acquiring an additional 291,325 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Unitil by 23.5% during the 1st quarter. Renaissance Technologies LLC now owns 490,041 shares of the utilities provider's stock worth $25,600,000 after acquiring an additional 93,101 shares during the period. Institutional investors own 76.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings upgraded shares of Unitil from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, August 17th. Wells Fargo & Company started coverage on shares of Unitil in a report on Monday, May 11th. They issued an "equal weight" rating and a $56.00 target price for the company. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $56.50.

Unitil Stock Performance

Shares of Unitil stock opened at $53.72 on Friday. Unitil Corporation has a 52 week low of $44.61 and a 52 week high of $57.26. The stock's fifty day moving average is $53.83 and its two-hundred day moving average is $52.64. The company has a market capitalization of $979.85 million, a PE ratio of 16.95 and a beta of 0.32. 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 announced its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The firm had revenue of $113.19 million during the quarter, compared to analysts' expectations of $113.19 million. Unitil had a net margin of 9.49% and a return on equity of 9.53%. As a group, analysts expect that Unitil Corporation will post 3.31 earnings per share for the current year.

Unitil Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, August 17th. Unitil's dividend payout ratio is presently 59.94%.

Unitil 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.

Want to see what other hedge funds are holding UTL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Unitil Corporation (NYSE:UTL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source