Essential Utilities Inc. $WTRG Stock Holdings Lowered by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in Essential Utilities Inc. by 2.4% during the first quarter, leaving it with approximately 279,048 shares valued at $11.03 million.
• Institutional investors own 74.78% of Essential Utilities, with several, including Northern Trust Corp and Boston Trust Walden Corp, increasing their stakes significantly in recent months.
• Essential Utilities recently announced a quarterly dividend of $0.3426 per share, which reflects an increase from its previous dividend and a yield of 3.5% for shareholders.

Corebridge Financial Inc. cut its position in Essential Utilities Inc. (NYSE:WTRG - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 279,048 shares of the company's stock after selling 6,817 shares during the quarter. Corebridge Financial Inc. owned about 0.10% of Essential Utilities worth $11,031,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WTRG. Northern Trust Corp increased its stake in shares of Essential Utilities by 22.0% in the fourth quarter. Northern Trust Corp now owns 3,331,090 shares of the company's stock valued at $120,985,000 after purchasing an additional 601,026 shares during the period. Boston Trust Walden Corp increased its position in Essential Utilities by 16.5% in the 1st quarter. Boston Trust Walden Corp now owns 2,476,811 shares of the company's stock valued at $97,908,000 after acquiring an additional 349,904 shares during the period. Maple Brown Abbott Ltd bought 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 boosted its position 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 worth $85,231,000 after acquiring an additional 192,456 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC boosted its position in Essential Utilities by 6.1% during the 1st 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 period. 74.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WTRG. Wall Street Zen lowered Essential Utilities from a "hold" rating to a "sell" rating in a report on Saturday. UBS Group raised their target price on shares of Essential Utilities from $42.00 to $47.00 and gave the company a "buy" rating in a research note on Friday, August 15th. Finally, Robert W. Baird upped their price target on shares of Essential Utilities from $46.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, August 4th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Essential Utilities has an average rating of "Moderate Buy" and an average price target of $44.50.

Essential Utilities Price Performance

NYSE:WTRG opened at $39.10 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 0.73 and a debt-to-equity ratio of 1.13. The business's 50-day moving average price is $37.83 and its 200 day moving average price is $38.38. Essential Utilities Inc. has a 52-week low of $33.18 and a 52-week high of $41.65. The firm has a market cap of $10.96 billion, a P/E ratio of 16.78, a PEG ratio of 3.59 and a beta of 0.78.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $514.91 million during the quarter, compared to the consensus estimate of $462.70 million. Essential Utilities had a net margin of 27.62% and a return on equity of 10.10%. Essential Utilities's revenue was up 18.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.28 EPS. Essential Utilities has set its FY 2025 guidance at 2.070-2.110 EPS. As a group, sell-side analysts predict that Essential Utilities Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th will be given a $0.3426 dividend. This represents a $1.37 annualized dividend and a yield of 3.5%. This is a positive change 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%.

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.

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