The Manufacturers Life Insurance Company Takes $11.11 Million Position in Essential Utilities Inc. $WTRG

The Manufacturers Life Insurance Company acquired a new position in Essential Utilities Inc. (NYSE:WTRG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 289,905 shares of the company’s stock, valued at approximately $11,106,000.

Other institutional investors also recently bought and sold shares of the company. Cetera Trust Company N.A acquired a new stake in shares of Essential Utilities in the second quarter worth about $289,000. Cullen Capital Management LLC acquired a new position in shares of Essential Utilities during the 2nd quarter valued at about $728,000. Algert Global LLC acquired a new position in shares of Essential Utilities during the 2nd quarter valued at about $12,317,000. GSG Advisors LLC bought a new position in shares of Essential Utilities in the 2nd quarter valued at approximately $299,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Essential Utilities in the 2nd quarter valued at approximately $784,000. 74.78% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Colleen Arnold sold 2,855 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.55, for a total transaction of $112,915.25. Following the completion of the transaction, the insider owned 17,347 shares in the company, valued at $686,073.85. This trade represents a 14.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.36% of the company’s stock.

Essential Utilities Price Performance

Shares of WTRG stock opened at $41.06 on Friday. Essential Utilities Inc. has a 12 month low of $36.10 and a 12 month high of $42.37. The company has a current ratio of 0.78, a quick ratio of 0.62 and a debt-to-equity ratio of 1.20. The stock has a 50 day moving average of $39.46 and a two-hundred day moving average of $39.08. The company has a market capitalization of $11.65 billion, a P/E ratio of 20.95 and a beta of 0.64.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Wednesday, August 5th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Essential Utilities had a net margin of 21.60% and a return on equity of 8.23%. The business had revenue of $530.85 million for the quarter, compared to analysts’ expectations of $538.90 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities analysts expect that Essential Utilities Inc. will post 2.21 EPS for the current year.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th will be paid a $0.3606 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $1.44 annualized dividend and a dividend yield of 3.5%. This is an increase from Essential Utilities’s previous quarterly dividend of $0.34. Essential Utilities’s dividend payout ratio is currently 73.47%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen raised Essential Utilities to a “sell” rating in a research report on Saturday, July 4th. UBS Group lifted their price target on shares of Essential Utilities from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Barclays boosted their price objective on shares of Essential Utilities from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Essential Utilities in a report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Essential Utilities 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.