Sanibel Captiva Trust Company Inc. Lowers Stock Position in Essential Utilities, Inc. (NYSE:WTRG)

Sanibel Captiva Trust Company Inc. cut its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 5.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,157 shares of the company’s stock after selling 334 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Essential Utilities were worth $230,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Bare Financial Services Inc purchased a new position in Essential Utilities in the 4th quarter valued at about $25,000. Tradewinds Capital Management LLC raised its stake in Essential Utilities by 857.5% during the first quarter. Tradewinds Capital Management LLC now owns 699 shares of the company’s stock worth $26,000 after acquiring an additional 626 shares during the period. Lindbrook Capital LLC increased its stake in shares of Essential Utilities by 78.9% in the fourth quarter. Lindbrook Capital LLC now owns 737 shares of the company’s stock valued at $28,000 after purchasing an additional 325 shares during the period. VisionPoint Advisory Group LLC increased its stake in shares of Essential Utilities by 52.9% in the fourth quarter. VisionPoint Advisory Group LLC now owns 977 shares of the company’s stock valued at $36,000 after purchasing an additional 338 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Essential Utilities in the fourth quarter valued at approximately $36,000. 74.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on WTRG shares. Wells Fargo & Company raised their target price on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI raised their target price on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Robert W. Baird raised their target price on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Essential Utilities has an average rating of “Moderate Buy” and a consensus price target of $44.40.

Essential Utilities Price Performance

Shares of NYSE WTRG traded down $0.10 during midday trading on Wednesday, reaching $39.43. 114,508 shares of the company traded hands, compared to its average volume of 1,558,980. The firm has a market cap of $10.79 billion, a PE ratio of 18.73, a PEG ratio of 3.50 and a beta of 0.83. The stock’s 50-day simple moving average is $38.96 and its 200-day simple moving average is $37.36. Essential Utilities, Inc. has a 12 month low of $32.07 and a 12 month high of $41.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.44 and a current ratio of 0.58.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). The company had revenue of $434.40 million for the quarter, compared to the consensus estimate of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The firm’s revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 earnings per share. As a group, equities analysts anticipate that Essential Utilities, Inc. will post 1.96 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th will be paid a $0.3255 dividend. The ex-dividend date of this dividend is Monday, August 12th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.30%. Essential Utilities’s dividend payout ratio (DPR) is 61.61%.

Insider Activity

In related news, CAO Robert A. Rubin sold 2,342 shares of Essential Utilities stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.43, for a total value of $87,661.06. Following the completion of the sale, the chief accounting officer now directly owns 53,391 shares in the company, valued at $1,998,425.13. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.21% of the stock is currently owned by corporate insiders.

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.