Royal Bank of Canada Trims Stock Holdings in Unitil Corporation $UTL

Key Points

• Royal Bank of Canada cut its Unitil stake by 32.2% in the first quarter, selling 21,054 shares and retaining 44,247 shares valued at approximately $2.3 million.
• Other major institutional investors increased their positions, including Wellington Management, which nearly doubled its stake. Hedge funds and institutional investors collectively own 76.76% of Unitil.
• Unitil reported quarterly EPS of $0.29, exceeding estimates by $0.03, and declared a quarterly dividend of $0.475, representing a 3.5% yield. Analysts maintain a consensus “Hold” rating with a $56.50 price target.

Royal Bank of Canada lowered its stake in Unitil Corporation (NYSE:UTL - Free Report) by 32.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,247 shares of the utilities provider's stock after selling 21,054 shares during the quarter. Royal Bank of Canada owned about 0.25% of Unitil worth $2,312,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Unitil by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 1,538,652 shares of the utilities provider's stock worth $74,532,000 after acquiring an additional 67,456 shares in the last quarter. State Street Corp lifted its holdings in Unitil by 4.5% during the fourth quarter. State Street Corp now owns 721,277 shares of the utilities provider's stock valued at $34,939,000 after purchasing an additional 31,186 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Unitil by 17.8% in the second quarter. The Manufacturers Life Insurance Company now owns 717,423 shares of the utilities provider's stock worth $37,414,000 after purchasing an additional 108,254 shares during the period. Wellington Management Group LLP increased its stake in shares of Unitil by 94.0% in the fourth quarter. Wellington Management Group LLP now owns 601,260 shares of the utilities provider's stock worth $29,125,000 after purchasing an additional 291,325 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Unitil by 23.5% in the first quarter. Renaissance Technologies LLC now owns 490,041 shares of the utilities provider's stock worth $25,600,000 after purchasing an additional 93,101 shares in the last quarter. 76.76% of the stock is owned by hedge funds and other institutional investors.

Unitil Price Performance

Shares of Unitil stock opened at $53.90 on Tuesday. The firm has a market cap of $983.14 million, a PE ratio of 17.00 and a beta of 0.31. The stock has a 50 day moving average of $53.30 and a 200 day moving average of $52.38. The company has a current ratio of 0.49, a quick ratio of 0.45 and a debt-to-equity ratio of 1.06. Unitil Corporation has a 12 month low of $44.61 and a 12 month high of $57.26.

Unitil (NYSE:UTL - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. The business had revenue of $113.19 million for the quarter, compared to the consensus estimate of $113.19 million. Unitil had a return on equity of 9.53% and a net margin of 9.49%. On average, research analysts expect that Unitil Corporation will post 3.31 EPS for the current fiscal year.

Unitil Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, August 17th. Unitil's payout ratio is currently 59.94%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on UTL shares. Freedom Capital cut shares of Unitil from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Unitil in a research note on Monday, June 29th. Finally, Wells Fargo & Company began coverage on Unitil in a report on Monday, May 11th. They set an "equal weight" rating and a $56.00 price target on the stock. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $56.50.

About Unitil

Unitil Corporation NYSE: UTL is a publicly traded energy delivery company that provides regulated electric and natural gas distribution services. The company delivers energy to residential, commercial and industrial customers through a network of distribution systems, offering safe and reliable service across its service areas. Unitil's operations include system maintenance, emergency response, meter reading and customer support functions, all governed by state regulatory commissions.

Headquartered in Hampton, New Hampshire, Unitil serves communities in New Hampshire, Massachusetts and Maine.

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