State of Michigan Retirement System Raises Stake in Essential Utilities, Inc. (NYSE:WTRG)

State of Michigan Retirement System grew its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,271 shares of the company’s stock after purchasing an additional 7,500 shares during the quarter. State of Michigan Retirement System’s holdings in Essential Utilities were worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in Essential Utilities during the third quarter worth approximately $26,000. Darwin Wealth Management LLC acquired a new stake in Essential Utilities during the third quarter worth approximately $28,000. First Horizon Advisors Inc. raised its holdings in Essential Utilities by 61.4% during the third 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 Essential Utilities by 75.0% during the fourth 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 worth approximately $42,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Stock Performance

Shares of Essential Utilities stock opened at $39.81 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 2.57 and a beta of 0.79. The firm’s fifty day simple moving average is $35.85 and its 200-day simple moving average is $37.83. Essential Utilities, Inc. has a 12 month low of $33.18 and a 12 month high of $41.78.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $604.38 million for the quarter, compared to analysts’ expectations of $698.77 million. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. As a group, equities analysts forecast that Essential Utilities, Inc. will post 1.99 earnings per share for the current year.

Essential Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th will be paid a $0.3255 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.30 annualized dividend and a yield of 3.27%. Essential Utilities’s dividend payout ratio is currently 59.91%.

Analyst Ratings Changes

A number of research firms have weighed in on WTRG. Wells Fargo & Company raised their price objective on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, February 27th. Jefferies Financial Group raised shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Tuesday, January 28th. Evercore ISI lifted their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, UBS Group cut their target price on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Essential Utilities has a consensus rating of “Moderate Buy” and an average price target of $43.50.

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.