Comerica Bank Sells 2,736 Shares of Essential Utilities, Inc. (NYSE:WTRG)

by · The Markets Daily

Comerica Bank trimmed its holdings in Essential Utilities, Inc. (NYSE:WTRG – Free Report) by 3.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 87,730 shares of the company’s stock after selling 2,736 shares during the quarter. Comerica Bank’s holdings in Essential Utilities were worth $3,186,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. VSM Wealth Advisory LLC purchased a new stake in Essential Utilities during the 4th quarter valued at $26,000. IFP Advisors Inc grew its stake in shares of Essential Utilities by 75.0% in the fourth quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after purchasing an additional 473 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in Essential Utilities during the 4th quarter valued at about $45,000. Bessemer Group Inc. raised its position in Essential Utilities by 98.9% during the 4th quarter. Bessemer Group Inc. now owns 1,565 shares of the company’s stock valued at $56,000 after purchasing an additional 778 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new stake in Essential Utilities in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Price Performance

WTRG stock opened at $41.03 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The firm has a 50 day moving average price of $39.53 and a 200-day moving average price of $38.03. Essential Utilities, Inc. has a 52-week low of $33.18 and a 52-week high of $41.78. The firm has a market capitalization of $11.30 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 2.57 and a beta of 0.85.

Essential Utilities (NYSE:WTRG – Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The business had revenue of $604.38 million during the quarter, compared to analysts’ expectations of $698.77 million. Equities research analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be given a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities’s dividend payout ratio (DPR) is 59.91%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on WTRG shares. Evercore ISI upped their target price on Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, March 5th. Wells Fargo & Company upped their price objective on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, February 27th. Jefferies Financial Group upgraded shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, January 28th. StockNews.com upgraded shares of Essential Utilities from a “sell” rating to a “hold” rating in a report on Sunday, April 20th. Finally, UBS Group reduced their target price on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

Check Out Our Latest Analysis on WTRG

Essential Utilities Company Profile

(Free Report)

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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