TD Asset Management Inc Trims Holdings in Essential Utilities Inc. (NYSE:WTRG)

Key Points

• TD Asset Management Inc has decreased its stake in Essential Utilities Inc. by 12.8%, selling 22,674 shares and ending with 153,844 shares valued at approximately $6.08 million.
• The company recently reported earnings of $0.38 per share, exceeding estimates, and experienced a year-over-year revenue increase of 18.5% to $514.91 million.
• Essential Utilities has raised its quarterly dividend to $0.3426 per share, representing a 3.6% yield and an increase from the previous dividend of $0.33.

TD Asset Management Inc trimmed its holdings in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,844 shares of the company's stock after selling 22,674 shares during the quarter. TD Asset Management Inc owned about 0.06% of Essential Utilities worth $6,081,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HB Wealth Management LLC boosted its stake in Essential Utilities by 3.5% in the first quarter. HB Wealth Management LLC now owns 11,303 shares of the company's stock worth $447,000 after buying an additional 384 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Essential Utilities by 6.6% during the 1st quarter. Cetera Investment Advisers now owns 47,737 shares of the company's stock valued at $1,887,000 after acquiring an additional 2,965 shares during the period. Avantax Advisory Services Inc. boosted its holdings in Essential Utilities by 4.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 149,946 shares of the company's stock valued at $5,927,000 after acquiring an additional 6,494 shares during the period. Hamilton Point Investment Advisors LLC boosted its stake in shares of Essential Utilities by 1.8% during the first quarter. Hamilton Point Investment Advisors LLC now owns 133,698 shares of the company's stock valued at $5,285,000 after purchasing an additional 2,427 shares during the period. Finally, Carnegie Investment Counsel boosted its position in Essential Utilities by 2.8% during the 1st quarter. Carnegie Investment Counsel now owns 21,997 shares of the company's stock valued at $844,000 after buying an additional 600 shares during the period. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

Essential Utilities Stock Up 0.3%

Shares of WTRG stock traded up $0.12 during mid-day trading on Monday, hitting $38.30. The company's stock had a trading volume of 2,657,135 shares, compared to its average volume of 1,761,756. Essential Utilities Inc. has a 52-week low of $33.18 and a 52-week high of $41.65. The business has a 50-day moving average price of $37.57 and a 200 day moving average price of $37.94. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.57 and a current ratio of 0.73. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 3.51 and a beta of 0.78.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its 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 business had revenue of $514.91 million during 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 company's quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 EPS. Research analysts predict that Essential Utilities Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th will be issued a dividend of $0.3426 per share. This is an increase from Essential Utilities's previous quarterly dividend of $0.33. This represents a $1.37 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, August 12th. Essential Utilities's dividend payout ratio is currently 55.79%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on WTRG shares. 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 raised their price objective on shares of Essential Utilities from $46.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, 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.