TIAA Trust National Association Sells 2,258 Shares of Essential Utilities, Inc. (NYSE:WTRG)

TIAA Trust National Association lowered its position in shares of Essential Utilities, Inc. (NYSE:WTRG) by 17.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,832 shares of the company’s stock after selling 2,258 shares during the period. TIAA Trust National Association’s holdings in Essential Utilities were worth $405,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. grew its position in Essential Utilities by 15.7% in the 1st quarter. American Century Companies Inc. now owns 11,774 shares of the company’s stock worth $602,000 after purchasing an additional 1,602 shares during the period. Natixis Advisors L.P. grew its position in Essential Utilities by 80.7% in the 1st quarter. Natixis Advisors L.P. now owns 37,787 shares of the company’s stock worth $1,932,000 after purchasing an additional 16,871 shares during the period. Dimensional Fund Advisors LP grew its position in Essential Utilities by 12.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,186,342 shares of the company’s stock worth $60,662,000 after purchasing an additional 127,695 shares during the period. Aviva PLC bought a new stake in Essential Utilities in the 1st quarter worth approximately $5,907,000. Finally, Allianz Asset Management GmbH grew its position in Essential Utilities by 3,972.9% in the 1st quarter. Allianz Asset Management GmbH now owns 524,708 shares of the company’s stock worth $26,828,000 after purchasing an additional 511,825 shares during the period. Institutional investors own 74.78% of the company’s stock.

Essential Utilities Trading Down 1.8 %

Shares of Essential Utilities stock opened at $35.84 on Friday. The company’s fifty day simple moving average is $35.85 and its 200-day simple moving average is $35.66. The stock has a market capitalization of $9.80 billion, a PE ratio of 19.27, a P/E/G ratio of 3.17 and a beta of 0.82. Essential Utilities, Inc. has a 1-year low of $32.07 and a 1-year high of $45.29. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.62 and a quick ratio of 0.48.

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

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be paid a dividend of $0.3071 per share. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. The ex-dividend date is Thursday, May 9th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 3.43%. Essential Utilities’s payout ratio is 66.13%.

Insider Activity at Essential Utilities

In related news, CAO Robert A. Rubin sold 5,565 shares of Essential Utilities stock in a transaction on Monday, April 1st. The shares were sold at an average price of $37.21, for a total transaction of $207,073.65. Following the transaction, the chief accounting officer now owns 57,756 shares in the company, valued at approximately $2,149,100.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.21% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Evercore ISI cut their target price on shares of Essential Utilities from $51.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.00.

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.