Vanguard Group Inc. Lowers Holdings in Essential Utilities Inc. (NYSE:WTRG)

Vanguard Group Inc. lessened its holdings in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 1.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,713,646 shares of the company's stock after selling 347,489 shares during the period. Vanguard Group Inc. owned 10.78% of Essential Utilities worth $1,174,580,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Cohen & Steers Inc. purchased a new stake in shares of Essential Utilities during the 4th quarter worth approximately $52,355,000. Ensign Peak Advisors Inc raised its stake in Essential Utilities by 74.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 1,593,053 shares of the company's stock worth $57,860,000 after acquiring an additional 680,760 shares in the last quarter. Northern Trust Corp lifted its position in 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 acquiring an additional 601,026 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in Essential Utilities in the fourth quarter valued at $20,436,000. Finally, Boston Trust Walden Corp boosted its stake in Essential Utilities by 16.5% in the first 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 in the last quarter. Institutional investors and hedge funds own 74.78% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WTRG. Wall Street Zen upgraded Essential Utilities from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Robert W. Baird upped their target price on Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $43.67.

Essential Utilities Stock Performance

NYSE:WTRG traded down $0.24 during trading hours on Tuesday, reaching $38.78. 1,827,326 shares of the company's stock were exchanged, compared to its average volume of 1,937,238. Essential Utilities Inc. has a 1-year low of $33.18 and a 1-year high of $41.65. 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 firm has a market capitalization of $10.88 billion, a price-to-earnings ratio of 16.64, a P/E/G ratio of 3.58 and a beta of 0.78. The company has a 50-day moving average of $37.55 and a 200 day moving average of $38.12.

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

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th will be given a dividend of $0.3426 per share. This represents a $1.37 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, August 12th. This is a positive change from Essential Utilities's previous quarterly dividend of $0.33. Essential Utilities's payout ratio is 55.79%.

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.