Allstate Corp Buys 7,845 Shares of Essential Utilities Inc. $WTRG

Key Points

• Allstate Corp significantly increased its stake in Essential Utilities Inc. by 94.9%, owning 16,111 shares valued at approximately $637,000 at the end of the first quarter.
• Several analysts have provided mixed ratings for the stock, with some upgrading the price target to $47.00, while one analyst downgraded their rating from "hold" to "sell."
• Essential Utilities announced an increase in its quarterly dividend to $0.3426, representing an annualized yield of 3.5%, with a payout ratio of 58.80%.

Allstate Corp grew its position in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 94.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 16,111 shares of the company's stock after acquiring an additional 7,845 shares during the quarter. Allstate Corp's holdings in Essential Utilities were worth $637,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Northern Trust Corp boosted its position in shares of Essential Utilities by 22.0% during the 4th quarter. Northern Trust Corp now owns 3,331,090 shares of the company's stock valued at $120,985,000 after acquiring an additional 601,026 shares during the last quarter. Boston Trust Walden Corp raised its holdings in Essential Utilities by 16.5% during the 1st quarter. Boston Trust Walden Corp now owns 2,476,811 shares of the company's stock valued at $97,908,000 after buying an additional 349,904 shares during the period. Maple Brown Abbott Ltd purchased a new stake in Essential Utilities during the 1st quarter valued at $94,251,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Essential Utilities by 8.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,346,671 shares of the company's stock valued at $85,231,000 after buying an additional 192,456 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Essential Utilities by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,103,777 shares of the company's stock valued at $83,162,000 after buying an additional 31,909 shares during the period. 74.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on WTRG shares. Zacks Research lowered Essential Utilities from a "strong-buy" rating to a "hold" rating in a report on Monday. UBS Group increased their price target on Essential Utilities from $42.00 to $47.00 and gave the company a "buy" rating in a report on Friday, August 15th. Robert W. Baird increased their price target on Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Finally, Wall Street Zen lowered Essential Utilities from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $44.50.

Essential Utilities Stock Down 0.5%

WTRG stock traded down $0.19 during trading on Thursday, reaching $39.64. 1,971,796 shares of the company traded hands, compared to its average volume of 2,098,899. Essential Utilities Inc. has a 12 month low of $33.18 and a 12 month high of $41.65. The business has a 50 day simple moving average of $37.93 and a 200 day simple moving average of $38.42. The company has a market capitalization of $11.12 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 3.66 and a beta of 0.78. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.58 and a current ratio of 0.73.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter last year, the company earned $0.28 earnings per share. The firm's revenue for the quarter was up 18.5% compared to the same quarter last year. Essential Utilities has set its FY 2025 guidance at 2.070-2.110 EPS. On average, equities research analysts anticipate that Essential Utilities Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be given a dividend of $0.3426 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This is an increase from Essential Utilities's previous quarterly dividend of $0.33. This represents a $1.37 dividend on an annualized basis and a yield of 3.5%. Essential Utilities's dividend payout ratio is 58.80%.

Essential Utilities Company Profile

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.