Essential Utilities Inc. $WTRG Shares Acquired by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in Essential Utilities Inc. by 64.3%, owning 333,965 shares after acquiring 130,701 additional shares in the first quarter, representing a value of $13.2 million.
• Essential Utilities reported $0.38 earnings per share, exceeding expectations, with revenue up 18.5% year-over-year at $514.91 million for the last quarter.
• The company declared an increased quarterly dividend of $0.3426 to be paid on September 2, raising the annualized dividend yield to 3.5%.

Raymond James Financial Inc. lifted its holdings in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 64.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 333,965 shares of the company's stock after acquiring an additional 130,701 shares during the period. Raymond James Financial Inc. owned 0.12% of Essential Utilities worth $13,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in WTRG. Headlands Technologies LLC purchased a new position in Essential Utilities during the 1st quarter worth approximately $31,000. Valley National Advisers Inc. purchased a new position in Essential Utilities during the 1st quarter worth approximately $33,000. American National Bank & Trust purchased a new position in Essential Utilities during the 1st quarter worth approximately $35,000. National Pension Service grew its stake in Essential Utilities by 75.0% during the 1st quarter. National Pension Service now owns 950 shares of the company's stock worth $38,000 after buying an additional 407 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new position in Essential Utilities during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 74.78% of the company's stock.

Essential Utilities Trading Down 0.3%

Shares of WTRG stock opened at $39.55 on Friday. The business's 50 day moving average is $37.97 and its two-hundred day moving average is $38.45. Essential Utilities Inc. has a twelve month low of $33.18 and a twelve month high of $41.65. The company has a market capitalization of $11.09 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 3.64 and a beta of 0.78. The company has a current ratio of 0.73, a quick ratio of 0.58 and a debt-to-equity ratio of 1.13.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.09. Essential Utilities had a return on equity of 10.10% and a net margin of 27.62%.The company had revenue of $514.91 million for the quarter, compared to the consensus estimate of $462.70 million. During the same period last year, the business posted $0.28 EPS. The company's revenue was up 18.5% on a year-over-year basis. Essential Utilities has set its FY 2025 guidance at 2.070-2.110 EPS. Equities analysts forecast that Essential Utilities Inc. will post 1.99 EPS for the current year.

Essential Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be paid a $0.3426 dividend. This represents a $1.37 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Essential Utilities's previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 12th. Essential Utilities's dividend payout ratio (DPR) is presently 58.80%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group raised their price target on Essential Utilities from $42.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Wall Street Zen downgraded Essential Utilities from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Zacks Research downgraded Essential Utilities from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. Finally, Robert W. Baird lifted their target price on Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.50.

About Essential Utilities

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.

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