Tandem Investment Advisors Inc. Sells 100,337 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Tandem Investment Advisors Inc. cut its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG) by 5.1% during the fourth quarter, Holdings Channel reports. The fund owned 1,866,350 shares of the company’s stock after selling 100,337 shares during the period. Essential Utilities makes up about 2.8% of Tandem Investment Advisors Inc.’s portfolio, making the stock its 16th biggest position. Tandem Investment Advisors Inc.’s holdings in Essential Utilities were worth $69,708,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of WTRG. BlackRock Inc. lifted its holdings in Essential Utilities by 2.0% during the 1st quarter. BlackRock Inc. now owns 30,129,227 shares of the company’s stock worth $1,315,141,000 after buying an additional 576,448 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Essential Utilities by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 27,168,585 shares of the company’s stock worth $932,698,000 after buying an additional 99,560 shares in the last quarter. State Street Corp lifted its holdings in Essential Utilities by 1.1% during the 3rd quarter. State Street Corp now owns 13,295,529 shares of the company’s stock worth $550,169,000 after buying an additional 149,565 shares in the last quarter. Norges Bank acquired a new position in Essential Utilities during the 4th quarter worth $206,493,000. Finally, Northern Trust Corp lifted its holdings in Essential Utilities by 0.7% during the 3rd quarter. Northern Trust Corp now owns 3,386,733 shares of the company’s stock worth $116,267,000 after buying an additional 24,991 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors.

Essential Utilities Stock Performance

WTRG stock traded up $0.63 during mid-day trading on Wednesday, hitting $34.51. 1,420,405 shares of the company were exchanged, compared to its average volume of 1,789,363. The business has a 50 day simple moving average of $35.71 and a 200-day simple moving average of $35.63. The company has a current ratio of 0.62, a quick ratio of 0.48 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $9.44 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 3.01 and a beta of 0.82. Essential Utilities, Inc. has a 1-year low of $32.07 and a 1-year high of $44.05.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Friday, February 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.01. Essential Utilities had a return on equity of 8.68% and a net margin of 24.26%. The business had revenue of $479.40 million during the quarter, compared to analysts’ expectations of $708.50 million. During the same period in the previous year, the company posted $0.44 earnings per share. The firm’s revenue for the quarter was down 32.0% compared to the same quarter last year. On average, equities analysts forecast that Essential Utilities, Inc. will post 2 earnings per share for the current year.

Essential Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a dividend of $0.3071 per share. The ex-dividend date of this dividend is Thursday, May 9th. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.23 annualized dividend and a dividend yield of 3.56%. Essential Utilities’s dividend payout ratio is 65.59%.

Analysts Set New Price Targets

Separately, Evercore ISI cut their price target on Essential Utilities from $51.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Insider Transactions at Essential Utilities

In related news, CAO Robert A. Rubin sold 5,565 shares of the stock in a transaction on Monday, April 1st. The stock was 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 directly owns 57,756 shares in the company, valued at $2,149,100.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.

Essential Utilities Company Profile

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.