Mitsubishi UFJ Asset Management Co. Ltd. Purchases 33,530 Shares of Essential Utilities Inc. (NYSE:WTRG)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Essential Utilities by 18.7% in the 1st quarter, acquiring an additional 33,530 shares, bringing its total to approximately 212,871 shares valued at $8.4 million.
• Essential Utilities reported a quarterly earnings per share of $0.38, exceeding analyst estimates of $0.29, alongside a revenue of $514.91 million which was significantly higher than expectations.
• The company has declared a quarterly dividend of $0.3426 per share, representing an annual yield of 3.5%, which is an increase from the previous quarterly dividend of $0.33.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Essential Utilities Inc. (NYSE:WTRG - Free Report) by 18.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 212,871 shares of the company's stock after purchasing an additional 33,530 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of Essential Utilities worth $8,415,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Cohen & Steers Inc. bought a new stake in shares of Essential Utilities in the fourth quarter valued at $52,355,000. Ensign Peak Advisors Inc raised its stake in Essential Utilities by 74.6% in the 4th quarter. Ensign Peak Advisors Inc now owns 1,593,053 shares of the company's stock valued at $57,860,000 after acquiring an additional 680,760 shares during the period. Northern Trust Corp raised its stake in Essential Utilities by 22.0% in 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 period. Raiffeisen Bank International AG bought a new stake in Essential Utilities in the 4th quarter valued at about $20,436,000. Finally, Boston Trust Walden Corp raised its stake 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. Institutional investors own 74.78% of the company's stock.

Essential Utilities Stock Performance

Shares of NYSE:WTRG traded up $0.40 during midday trading on Wednesday, reaching $39.18. 2,446,672 shares of the company traded hands, compared to its average volume of 1,948,893. The company has a quick ratio of 0.58, a current ratio of 0.73 and a debt-to-equity ratio of 1.13. Essential Utilities Inc. has a 12 month low of $33.18 and a 12 month high of $41.65. The firm has a market capitalization of $10.99 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 3.56 and a beta of 0.78. The firm's fifty day moving average price is $37.59 and its two-hundred day moving average price is $38.13.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly 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 firm had revenue of $514.91 million for the quarter, compared to analysts' expectations of $462.70 million. During the same period in the prior year, the business posted $0.28 earnings per share. The company's revenue was up 18.5% on a year-over-year basis. On average, equities analysts expect that Essential Utilities Inc. will post 1.99 earnings per share for the current year.

Essential Utilities Increases Dividend

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

Analysts Set New Price Targets

WTRG has been the topic of several research reports. Wall Street Zen raised shares of Essential Utilities from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Robert W. Baird boosted their price target 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $43.67.

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.