Sei Investments Co. Cuts Stock Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Sei Investments Co. lowered its stake in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 32.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,237 shares of the company's stock after selling 28,702 shares during the period. Sei Investments Co.'s holdings in Essential Utilities were worth $2,211,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Kingswood Wealth Advisors LLC grew its holdings in shares of Essential Utilities by 4.5% during the second quarter. Kingswood Wealth Advisors LLC now owns 6,947 shares of the company's stock worth $259,000 after buying an additional 297 shares in the last quarter. Sanibel Captiva Trust Company Inc. grew its stake in Essential Utilities by 5.4% during the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 6,491 shares of the company's stock valued at $240,000 after acquiring an additional 334 shares in the last quarter. Meeder Advisory Services Inc. raised its holdings in Essential Utilities by 5.5% in the 1st quarter. Meeder Advisory Services Inc. now owns 6,506 shares of the company's stock valued at $241,000 after acquiring an additional 339 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Essential Utilities by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,416 shares of the company's stock worth $165,000 after purchasing an additional 352 shares in the last quarter. Finally, First Affirmative Financial Network boosted its holdings in shares of Essential Utilities by 5.1% during the 1st quarter. First Affirmative Financial Network now owns 7,910 shares of the company's stock worth $293,000 after purchasing an additional 386 shares during the last quarter. Hedge funds and other institutional investors own 74.78% of the company's stock.

Essential Utilities Trading Down 1.1 %

WTRG stock traded down $0.43 during midday trading on Friday, hitting $38.25. 2,242,346 shares of the company's stock were exchanged, compared to its average volume of 1,551,542. Essential Utilities, Inc. has a 1-year low of $32.30 and a 1-year high of $41.78. The business has a 50-day simple moving average of $39.21 and a two-hundred day simple moving average of $38.10. The stock has a market capitalization of $10.47 billion, a PE ratio of 18.13, a P/E/G ratio of 3.41 and a beta of 0.85. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14.

Essential Utilities (NYSE:WTRG - Get Free Report) 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). Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. The business had revenue of $434.40 million for the quarter, compared to analyst estimates of $442.76 million. During the same period in the previous year, the business posted $0.34 earnings per share. The firm's revenue for the quarter was down .5% compared to the same quarter last year. On average, sell-side analysts predict that Essential Utilities, Inc. will post 1.95 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.3255 dividend. This is a positive change from Essential Utilities's previous quarterly dividend of $0.31. This represents a $1.30 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Monday, August 12th. Essential Utilities's dividend payout ratio is currently 61.61%.

Wall Street Analyst Weigh In

WTRG has been the subject of several recent research reports. Robert W. Baird increased their price target on Essential Utilities from $43.00 to $45.00 and gave the company an "outperform" rating in a report on Wednesday, August 7th. Wells Fargo & Company raised their target price on Essential Utilities from $42.00 to $45.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 31st. Evercore ISI boosted their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the company an "outperform" rating in a research report on Thursday, August 8th. Finally, Bank of America restated a "buy" rating and set a $45.00 price objective on shares of Essential Utilities in a research report on Friday, September 20th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, Essential Utilities currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

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.