Magellan Asset Management Ltd Purchases 14,664 Shares of Essential Utilities Inc. $WTRG

Magellan Asset Management Ltd boosted its position in shares of Essential Utilities Inc. (NYSE:WTRG) by 7.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 214,023 shares of the company’s stock after purchasing an additional 14,664 shares during the quarter. Magellan Asset Management Ltd owned 0.08% of Essential Utilities worth $8,540,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. American National Bank & Trust acquired a new position in shares of Essential Utilities in the 3rd quarter valued at $27,000. SouthState Corp lifted its holdings in Essential Utilities by 834.7% during the second quarter. SouthState Corp now owns 701 shares of the company’s stock worth $26,000 after acquiring an additional 626 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in Essential Utilities by 1,163.8% in the third quarter. Atlantic Union Bankshares Corp now owns 733 shares of the company’s stock valued at $29,000 after acquiring an additional 675 shares during the period. Bessemer Group Inc. increased its holdings in shares of Essential Utilities by 43.6% in the third quarter. Bessemer Group Inc. now owns 1,114 shares of the company’s stock worth $45,000 after acquiring an additional 338 shares in the last quarter. Finally, True Wealth Design LLC raised its position in shares of Essential Utilities by 141.2% during the third quarter. True Wealth Design LLC now owns 1,213 shares of the company’s stock worth $48,000 after purchasing an additional 710 shares during the period. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Price Performance

NYSE WTRG opened at $39.69 on Wednesday. The firm’s 50 day moving average is $38.70 and its 200-day moving average is $38.99. The company has a quick ratio of 0.43, a current ratio of 0.60 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $11.24 billion, a PE ratio of 16.47 and a beta of 0.81. Essential Utilities Inc. has a 12-month low of $35.96 and a 12-month high of $42.37.

Essential Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be paid a dividend of $0.3426 per share. This represents a $1.37 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, May 12th. Essential Utilities’s dividend payout ratio is currently 56.85%.

Analysts Set New Price Targets

Several brokerages recently issued reports on WTRG. Weiss Ratings reiterated a “hold (c+)” rating on shares of Essential Utilities in a research report on Monday, December 29th. Jefferies Financial Group lowered shares of Essential Utilities from a “buy” rating to a “hold” rating and cut their price target for the company from $47.00 to $44.00 in a research note on Tuesday, October 28th. Northcoast Research raised shares of Essential Utilities from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Wednesday, December 3rd. UBS Group restated a “neutral” rating and set a $45.00 price objective (down from $46.00) on shares of Essential Utilities in a report on Tuesday, October 28th. Finally, Barclays set a $38.00 target price on shares of Essential Utilities and gave the stock an “underweight” rating in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.29.

Essential Utilities Company Profile

Essential Utilities, Inc, formerly known as Aqua America, is a publicly traded water and natural gas utility holding company. Through its regulated water and wastewater subsidiaries, the company provides essential water services to residential, commercial and industrial customers. In addition, Essential Utilities delivers natural gas distribution services in Pennsylvania through its Peoples Gas subsidiary, offering integrated utility solutions under a unified corporate framework.

The company traces its roots to the Philadelphia Suburban Water Company, founded in 1886 to serve growing communities outside Philadelphia.