Raiffeisen Bank International AG Sells 534,004 Shares of Essential Utilities Inc. (NYSE:WTRG)

Key Points

• Raiffeisen Bank International AG significantly reduced its holdings in Essential Utilities Inc. by 94.6%, selling 534,004 shares and retaining only 30,208 shares, valued at approximately $1.19 million.
• The company recently announced an increase in its quarterly dividend to $0.3426 per share, resulting in a 3.6% dividend yield.
• Essential Utilities reported a strong earnings performance, with a $0.38 EPS for the quarter, surpassing estimates and reflecting a year-over-year revenue increase of 18.5%.

Raiffeisen Bank International AG trimmed its position in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 94.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,208 shares of the company's stock after selling 534,004 shares during the period. Raiffeisen Bank International AG's holdings in Essential Utilities were worth $1,187,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new stake in Essential Utilities in the first quarter valued at about $1,507,000. Wealthcare Advisory Partners LLC boosted its stake in Essential Utilities by 8.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 25,255 shares of the company's stock valued at $998,000 after buying an additional 1,867 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Essential Utilities by 14.2% in the first quarter. Oppenheimer & Co. Inc. now owns 9,775 shares of the company's stock valued at $386,000 after buying an additional 1,218 shares in the last quarter. Brighton Jones LLC acquired a new stake in Essential Utilities in the fourth quarter valued at about $638,000. Finally, Envestnet Asset Management Inc. boosted its stake in Essential Utilities by 3.9% in the first quarter. Envestnet Asset Management Inc. now owns 107,240 shares of the company's stock valued at $4,239,000 after buying an additional 4,015 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Price Performance

Essential Utilities stock opened at $38.30 on Tuesday. The company has a current ratio of 0.73, a quick ratio of 0.57 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $10.74 billion, a PE ratio of 16.44, a P/E/G ratio of 3.51 and a beta of 0.78. Essential Utilities Inc. has a 12 month low of $33.18 and a 12 month high of $41.65. The stock has a 50-day moving average price of $37.56 and a two-hundred day moving average price of $37.97.

Essential Utilities (NYSE:WTRG - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.29 by $0.09. The firm had revenue of $514.91 million during the quarter, compared to the consensus estimate of $462.70 million. Essential Utilities had a return on equity of 10.10% and a net margin of 27.62%. The business's quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the company earned $0.28 earnings per share. Analysts expect that Essential Utilities Inc. will post 1.99 EPS for the current year.

Essential Utilities Increases Dividend

The company 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 $0.3426 dividend. This is a boost from Essential Utilities's previous quarterly dividend of $0.33. This represents a $1.37 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, August 12th. Essential Utilities's dividend payout ratio is 55.79%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WTRG. Wall Street Zen raised Essential Utilities from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Robert W. Baird raised their price objective on Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Essential Utilities currently has an average rating of "Moderate Buy" and an average target price 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.

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