Bank of Montreal Can Cuts Stock Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Bank of Montreal Can reduced its stake in Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 3.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 605,154 shares of the company's stock after selling 20,059 shares during the period. Bank of Montreal Can owned 0.22% of Essential Utilities worth $23,238,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in Essential Utilities by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 2,754,099 shares of the company's stock worth $102,811,000 after acquiring an additional 9,822 shares during the period. Tandem Investment Advisors Inc. raised its holdings in shares of Essential Utilities by 0.5% in the 3rd quarter. Tandem Investment Advisors Inc. now owns 2,034,497 shares of the company's stock valued at $78,471,000 after purchasing an additional 10,560 shares in the last quarter. Boston Trust Walden Corp lifted its position in shares of Essential Utilities by 117.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,962,692 shares of the company's stock worth $75,701,000 after purchasing an additional 1,059,320 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Essential Utilities by 8.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,871,932 shares of the company's stock valued at $72,200,000 after purchasing an additional 149,162 shares in the last quarter. Finally, Empower Advisory Group LLC increased its holdings in Essential Utilities by 5.6% during the third quarter. Empower Advisory Group LLC now owns 1,585,475 shares of the company's stock valued at $61,152,000 after buying an additional 84,596 shares during the period. 74.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WTRG. Bank of America restated a "buy" rating and set a $45.00 price objective on shares of Essential Utilities in a research note on Friday, September 20th. Wells Fargo & Company lowered their price target on shares of Essential Utilities from $45.00 to $43.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. Evercore ISI boosted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Thursday, August 8th. Jefferies Financial Group downgraded shares of Essential Utilities from a "buy" rating to a "hold" rating and lowered their target price for the company from $44.00 to $41.00 in a research note on Thursday, November 7th. Finally, Robert W. Baird upped their price target on Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

Essential Utilities Stock Performance

Shares of WTRG traded down $0.25 during trading hours on Friday, reaching $40.03. 638,545 shares of the company traded hands, compared to its average volume of 1,525,061. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average price of $39.18 and a 200-day moving average price of $38.88. Essential Utilities, Inc. has a 12-month low of $33.57 and a 12-month high of $41.78. The stock has a market capitalization of $10.99 billion, a P/E ratio of 20.02, a P/E/G ratio of 3.19 and a beta of 0.84.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The business had revenue of $435.30 million for the quarter, compared to analyst estimates of $416.95 million. During the same period in the prior year, the company earned $0.30 earnings per share. The company's revenue was up 5.8% on a year-over-year basis. Equities analysts anticipate that Essential Utilities, Inc. will post 2.01 EPS for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Tuesday, November 12th. Essential Utilities's dividend payout ratio (DPR) is currently 65.00%.

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.