Zurcher Kantonalbank Zurich Cantonalbank Has $8.26 Million Stock Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 21.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 221,102 shares of the company's stock after selling 59,156 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of Essential Utilities worth $8,258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WTRG. Norges Bank acquired a new stake in Essential Utilities in the 4th quarter valued at $206,493,000. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of Essential Utilities in the 4th quarter valued at about $52,964,000. Balyasny Asset Management LLC bought a new position in shares of Essential Utilities in the 3rd quarter valued at about $26,728,000. Nuance Investments LLC bought a new position in shares of Essential Utilities in the 3rd quarter valued at about $21,570,000. Finally, BlackRock Inc. grew its position in shares of Essential Utilities by 2.0% in the 1st quarter. BlackRock Inc. now owns 30,129,227 shares of the company's stock valued at $1,315,141,000 after acquiring an additional 576,448 shares during the period. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Stock Performance

Shares of WTRG stock traded up $0.28 during midday trading on Friday, hitting $35.44. 3,281,238 shares of the company were exchanged, compared to its average volume of 1,348,939. The firm has a market capitalization of $9.69 billion, a P/E ratio of 19.05, a PEG ratio of 3.08 and a beta of 0.82. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.48 and a current ratio of 0.62. The firm's 50 day moving average price is $35.69 and its two-hundred day moving average price is $35.67. Essential Utilities, Inc. has a 52 week low of $32.07 and a 52 week high of $44.05.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its earnings results on Friday, February 23rd. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. The business had revenue of $479.40 million during the quarter, compared to the consensus estimate of $708.50 million. Essential Utilities had a net margin of 24.26% and a return on equity of 8.68%. Essential Utilities's revenue was down 32.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 EPS. As a group, equities research analysts anticipate that Essential Utilities, Inc. will post 2 earnings per share for the current year.

Essential Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be issued a $0.3071 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.23 dividend on an annualized basis and a yield of 3.47%. This is an increase from Essential Utilities's previous quarterly dividend of $0.31. Essential Utilities's payout ratio is currently 66.13%.

Analyst Upgrades and Downgrades

Separately, Evercore ISI decreased their price objective on shares of Essential Utilities from $51.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Essential Utilities currently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Insider Buying and Selling at Essential Utilities

In other Essential Utilities news, CAO Robert A. Rubin sold 5,565 shares of the business's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $37.21, for a total value of $207,073.65. Following the completion of the sale, the chief accounting officer now owns 57,756 shares of the company's stock, valued at approximately $2,149,100.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.21% of the company's stock.

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.