Bank of Nova Scotia Has $2.04 Million Stock Holdings in Essential Utilities Inc. $WTRG

Bank of Nova Scotia boosted its holdings in shares of Essential Utilities Inc. (NYSE:WTRG) by 65.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,590 shares of the company’s stock after purchasing an additional 20,072 shares during the quarter. Bank of Nova Scotia’s holdings in Essential Utilities were worth $2,037,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in WTRG. Fideuram Asset Management Ireland dac bought a new stake in Essential Utilities in the 4th quarter valued at $27,000. Evolution Wealth Management Inc. bought a new position in Essential Utilities during the first quarter valued at about $27,000. Caitong International Asset Management Co. Ltd bought a new position in Essential Utilities during the fourth quarter valued at about $32,000. Motiv8 Investments LLC acquired a new position in Essential Utilities in the 4th quarter valued at approximately $35,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Essential Utilities in the 1st quarter valued at approximately $40,000. 74.78% of the stock is owned by institutional investors.

Essential Utilities Trading Down 0.1%

Shares of WTRG stock opened at $40.66 on Thursday. The company has a market capitalization of $11.53 billion, a P/E ratio of 20.64 and a beta of 0.65. Essential Utilities Inc. has a 12-month low of $36.10 and a 12-month high of $42.37. The company has a quick ratio of 0.84, a current ratio of 0.95 and a debt-to-equity ratio of 1.21. The firm has a 50-day moving average price of $38.08 and a 200 day moving average price of $38.87.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.07). The firm had revenue of $861.76 million for the quarter, compared to the consensus estimate of $782.90 million. Essential Utilities had a return on equity of 8.34% and a net margin of 21.82%.Essential Utilities’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 earnings per share. Research analysts forecast that Essential Utilities Inc. will post 2.21 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be given a $0.3606 dividend. This represents a $1.44 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, August 11th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.34. Essential Utilities’s dividend payout ratio is presently 69.54%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded Essential Utilities to a “sell” rating in a research report on Saturday, July 4th. UBS Group boosted their price target on shares of Essential Utilities from $43.00 to $46.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Barclays increased their price objective on shares of Essential Utilities from $38.00 to $40.00 and gave the company 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 Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Essential Utilities currently has an average rating of “Moderate Buy” and an average price target of $43.80.

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.