Corebridge Financial Inc. Sells 11,876 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Corebridge Financial Inc. trimmed its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 4.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 285,865 shares of the company's stock after selling 11,876 shares during the quarter. Corebridge Financial Inc. owned 0.10% of Essential Utilities worth $10,383,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WTRG. Glenmede Trust Co. NA grew its stake in shares of Essential Utilities by 1.6% in the third quarter. Glenmede Trust Co. NA now owns 51,881 shares of the company's stock worth $2,001,000 after purchasing an additional 803 shares during the last quarter. Synergy Asset Management LLC increased its stake in Essential Utilities by 92.8% in the fourth quarter. Synergy Asset Management LLC now owns 148,009 shares of the company's stock valued at $5,529,000 after purchasing an additional 71,222 shares in the last quarter. Nordea Investment Management AB increased its position in Essential Utilities by 16.7% in the 4th quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company's stock valued at $247,134,000 after buying an additional 972,803 shares in the last quarter. Brighton Jones LLC acquired a new position in Essential Utilities during the fourth quarter worth $638,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Essential Utilities by 8.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,871,932 shares of the company's stock worth $72,200,000 after purchasing an additional 149,162 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

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Essential Utilities Stock Performance

WTRG stock traded up $0.26 during mid-day trading on Monday, hitting $39.55. The company had a trading volume of 1,695,751 shares, compared to its average volume of 1,452,870. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The firm has a market cap of $10.90 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. has a 12 month low of $33.18 and a 12 month high of $41.78. The stock's fifty day moving average price is $37.09 and its two-hundred day moving average price is $37.81.

Essential Utilities (NYSE:WTRG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The company had revenue of $604.38 million for the quarter, compared to analysts' expectations of $698.77 million. On average, analysts forecast that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.29%. The ex-dividend date is Tuesday, May 13th. Essential Utilities's dividend payout ratio (DPR) is currently 59.91%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on WTRG shares. Evercore ISI upped their price target on Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, March 5th. Jefferies Financial Group upgraded shares of Essential Utilities from a "hold" rating to a "buy" rating and set a $41.00 target price for the company in a research note on Tuesday, January 28th. UBS Group dropped their price target on shares of Essential Utilities from $45.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Finally, Wells Fargo & Company upped their price objective on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Essential Utilities presently has an average 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.