Secure Asset Management LLC Decreases Stock Position in Essential Utilities Inc. $WTRG

Key Points

• Secure Asset Management LLC has decreased its holdings in Essential Utilities Inc. by 34.3%, now owning 34,463 shares worth approximately $1,280,000.
• The company recently declared a quarterly dividend of $0.3426 per share, marking an increase from the previous dividend of $0.33, with a current dividend yield of 3.7%.
• Research analysts have given Essential Utilities a consensus rating of "Moderate Buy" with a price target of $44.50, following a series of upgrades and downgrades in recent reports.

Secure Asset Management LLC cut its holdings in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 34.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,463 shares of the company's stock after selling 17,999 shares during the period. Secure Asset Management LLC's holdings in Essential Utilities were worth $1,280,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Boston Trust Walden Corp grew its position in shares of Essential Utilities by 16.5% during the first quarter. Boston Trust Walden Corp now owns 2,476,811 shares of the company's stock worth $97,908,000 after acquiring an additional 349,904 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Essential Utilities by 3.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,438,783 shares of the company's stock worth $96,405,000 after acquiring an additional 92,112 shares during the last quarter. Maple Brown Abbott Ltd purchased a new position in shares of Essential Utilities during the first quarter worth approximately $94,251,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Essential Utilities by 8.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,346,671 shares of the company's stock worth $85,231,000 after acquiring an additional 192,456 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its position in shares of Essential Utilities by 6.1% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,166,797 shares of the company's stock worth $85,653,000 after acquiring an additional 123,786 shares during the last quarter. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

Essential Utilities Price Performance

Shares of NYSE WTRG traded up $0.05 during trading on Monday, hitting $37.07. 1,522,512 shares of the company were exchanged, compared to its average volume of 2,128,093. The company has a market cap of $10.40 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 3.40 and a beta of 0.83. Essential Utilities Inc. has a 1 year low of $33.18 and a 1 year high of $41.65. The firm's fifty day moving average price is $38.25 and its 200 day moving average price is $38.58. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.73 and a quick ratio of 0.58.

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

Essential Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th were given a $0.3426 dividend. The ex-dividend date was Tuesday, August 12th. This represents a $1.37 annualized dividend and a dividend yield of 3.7%. This is a boost from Essential Utilities's previous quarterly dividend of $0.33. Essential Utilities's payout ratio is presently 58.80%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WTRG. UBS Group raised their target price on shares of Essential Utilities from $42.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. Wall Street Zen upgraded shares of Essential Utilities from a "sell" rating to a "hold" rating in a research report on Sunday, August 31st. Zacks Research lowered shares of Essential Utilities from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Finally, Robert W. Baird lifted their price objective on shares of Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Essential Utilities has a consensus rating of "Moderate Buy" and an average price target of $44.40.

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.