Eastern Bank Sells 38,030 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Eastern Bank lowered its position in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 77.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,250 shares of the company's stock after selling 38,030 shares during the quarter. Eastern Bank's holdings in Essential Utilities were worth $409,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Friedenthal Financial bought a new stake in Essential Utilities in the third quarter valued at approximately $25,000. Brooklyn Investment Group bought a new position in Essential Utilities in the third quarter valued at approximately $26,000. Darwin Wealth Management LLC acquired a new position in shares of Essential Utilities in the third quarter valued at approximately $28,000. First Horizon Advisors Inc. increased its holdings in Essential Utilities by 61.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company's stock worth $30,000 after purchasing an additional 294 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new stake in Essential Utilities in the 3rd quarter valued at approximately $42,000. Institutional investors and hedge funds own 74.78% of the company's stock.

Essential Utilities Stock Performance

NYSE:WTRG traded up $0.44 during mid-day trading on Tuesday, hitting $34.18. 1,816,322 shares of the stock were exchanged, compared to its average volume of 1,470,490. The firm's 50-day simple moving average is $37.85 and its 200 day simple moving average is $38.75. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 3.06 and a beta of 0.86. Essential Utilities, Inc. has a fifty-two week low of $33.18 and a fifty-two week high of $41.78. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55.

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

Essential Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 10th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Monday, February 10th. Essential Utilities's dividend payout ratio (DPR) is currently 65.00%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WTRG. UBS Group decreased their target price on shares of Essential Utilities from $45.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday. Jefferies Financial Group downgraded shares of Essential Utilities from a "buy" rating to a "hold" rating and cut their target price for the company from $44.00 to $41.00 in a research note on Thursday, November 7th. Bank of America reissued a "buy" rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. Wells Fargo & Company cut Essential Utilities from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $43.00 to $39.00 in a research report on Tuesday, January 7th. Finally, Robert W. Baird boosted their target price on Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

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.