Essential Utilities, Inc. (NYSE:WTRG) Holdings Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in Essential Utilities, Inc. (NYSE:WTRG) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,731,011 shares of the company’s stock after acquiring an additional 175,707 shares during the period. Bank of New York Mellon Corp owned approximately 0.99% of Essential Utilities worth $99,190,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Brooklyn Investment Group acquired a new position in Essential Utilities during the third quarter worth about $26,000. Darwin Wealth Management LLC acquired a new position in shares of Essential Utilities in the 3rd quarter worth approximately $28,000. First Horizon Advisors Inc. raised its holdings in shares of Essential Utilities by 61.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after purchasing an additional 294 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Essential Utilities by 75.0% in the 4th quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after purchasing an additional 473 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in Essential Utilities during the third quarter valued at approximately $42,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Analysts Set New Price Targets

WTRG has been the topic of several research reports. Jefferies Financial Group raised Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, January 28th. Robert W. Baird boosted their target price on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Wells Fargo & Company upped their target price on Essential Utilities from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, UBS Group dropped their price target on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.33.

Essential Utilities Price Performance

Shares of NYSE:WTRG opened at $37.96 on Friday. The company has a market cap of $10.42 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 2.57 and a beta of 0.86. The company’s fifty day moving average is $35.60 and its two-hundred day moving average is $37.84. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The firm had revenue of $604.38 million for the quarter, compared to analyst estimates of $698.77 million. Equities analysts expect that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be issued a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities’s dividend payout ratio is currently 59.91%.

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.