Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Essential Utilities Inc. (NYSE:WTRG)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Essential Utilities Inc. (NYSE:WTRG) by 18.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 212,871 shares of the company’s stock after acquiring an additional 33,530 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.08% of Essential Utilities worth $8,415,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of WTRG. Cohen & Steers Inc. bought a new position in shares of Essential Utilities during the 4th quarter worth $52,355,000. Ensign Peak Advisors Inc grew its holdings in Essential Utilities by 74.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 1,593,053 shares of the company’s stock worth $57,860,000 after acquiring an additional 680,760 shares in the last quarter. Northern Trust Corp grew its holdings in Essential Utilities by 22.0% during the 4th quarter. Northern Trust Corp now owns 3,331,090 shares of the company’s stock worth $120,985,000 after acquiring an additional 601,026 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in Essential Utilities during the 4th quarter valued at about $20,436,000. Finally, Boston Trust Walden Corp raised its holdings in shares of Essential Utilities by 16.5% in the 1st quarter. Boston Trust Walden Corp now owns 2,476,811 shares of the company’s stock valued at $97,908,000 after purchasing an additional 349,904 shares in the last quarter. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Essential Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Robert W. Baird increased their target price on Essential Utilities from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, August 4th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Essential Utilities has an average rating of “Moderate Buy” and an average price target of $43.67.

Essential Utilities Price Performance

Shares of WTRG opened at $39.02 on Tuesday. The company has a 50 day moving average of $37.55 and a two-hundred day moving average of $38.12. The company has a quick ratio of 0.58, a current ratio of 0.73 and a debt-to-equity ratio of 1.13. Essential Utilities Inc. has a twelve month low of $33.18 and a twelve month high of $41.65. The company has a market cap of $10.94 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth ratio of 3.56 and a beta of 0.78.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.09. Essential Utilities had a return on equity of 10.10% and a net margin of 27.62%. The firm had revenue of $514.91 million during the quarter, compared to analysts’ expectations of $462.70 million. During the same quarter last year, the firm earned $0.28 EPS. The business’s quarterly revenue was up 18.5% on a year-over-year basis. As a group, analysts predict that Essential Utilities Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.3426 per share. This represents a $1.37 annualized dividend and a dividend yield of 3.5%. This is an increase from Essential Utilities’s previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 12th. Essential Utilities’s dividend payout ratio is currently 55.79%.

Essential Utilities 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.