Allstate Corp Has $637,000 Holdings in 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 Essential Utilities Inc. (NYSE:WTRG - Free Report) by 94.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,111 shares of the company's stock after purchasing an additional 7,845 shares during the period. Allstate Corp's holdings in Essential Utilities were worth $637,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in shares of Essential Utilities in the 1st quarter valued at $31,000. Valley National Advisers Inc. acquired a new stake in shares of Essential Utilities in the 1st quarter valued at $33,000. American National Bank & Trust acquired a new stake in shares of Essential Utilities in the 1st quarter valued at $35,000. National Pension Service boosted its stake in shares of Essential Utilities by 75.0% in the 1st quarter. National Pension Service now owns 950 shares of the company's stock valued at $38,000 after purchasing an additional 407 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of Essential Utilities in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 74.78% of the company's stock.

Essential Utilities Price Performance

Shares of Essential Utilities stock traded down $0.12 during trading on Friday, reaching $39.55. The company's stock had a trading volume of 2,721,209 shares, compared to its average volume of 2,087,314. The stock has a 50-day moving average price of $37.97 and a two-hundred day moving average price of $38.49. 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 Inc. has a one year low of $33.18 and a one year high of $41.65. The stock has a market capitalization of $11.09 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 3.63 and a beta of 0.83.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.38 earnings per share for the quarter, topping 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 firm had revenue of $514.91 million during the quarter, compared to analysts' expectations of $462.70 million. During the same period in the previous year, the business posted $0.28 EPS. The company's quarterly revenue 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. As a group, sell-side analysts anticipate that Essential Utilities Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently commented on WTRG shares. Wall Street Zen upgraded shares of Essential Utilities from a "sell" rating to a "hold" rating in a research note on Sunday. Robert W. Baird lifted 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. Zacks Research cut Essential Utilities from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. Finally, UBS Group lifted 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. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.