49,280 Shares in Essential Utilities, Inc. (NYSE:WTRG) Purchased by Eastern Bank

Eastern Bank bought a new stake in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 49,280 shares of the company's stock, valued at approximately $1,901,000.

Several other hedge funds also recently modified their holdings of WTRG. Friedenthal Financial purchased a new position in shares of Essential Utilities during the third quarter valued at approximately $25,000. Tradewinds Capital Management LLC lifted its holdings 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. Voisard Asset Management Group Inc. bought a new stake in Essential Utilities during the second quarter worth $37,000. Webster Bank N. A. bought a new stake in Essential Utilities during the first quarter worth $41,000. Finally, Riverview Trust Co bought a new stake in Essential Utilities during the first quarter worth $43,000. Hedge funds and other institutional investors own 74.78% of the company's stock.

Essential Utilities Stock Performance

Shares of WTRG traded down $0.19 during mid-day trading on Wednesday, hitting $40.30. The stock had a trading volume of 1,540,549 shares, compared to its average volume of 1,529,800. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. Essential Utilities, Inc. has a 52 week low of $32.78 and a 52 week high of $41.78. The firm has a market cap of $11.03 billion, a P/E ratio of 19.66, a PEG ratio of 3.52 and a beta of 0.84. The business has a fifty day moving average price of $39.09 and a 200-day moving average price of $38.39.

Essential Utilities (NYSE:WTRG - Get Free Report) last released 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 net margin of 28.74% and a return on equity of 8.16%. The company had revenue of $434.40 million for the quarter, compared to the consensus estimate of $442.76 million. During the same quarter in the previous year, the firm posted $0.34 earnings per share. The business's revenue for the quarter was down .5% compared to the same quarter last year. On average, equities research analysts expect that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were paid a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.23%. This is a positive change from Essential Utilities's previous quarterly dividend of $0.31. The ex-dividend date was Monday, August 12th. Essential Utilities's payout ratio is presently 63.41%.

Analyst Ratings Changes

WTRG has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price target on Essential Utilities from $43.00 to $45.00 and gave the stock an "outperform" rating in a report on Wednesday, August 7th. Evercore ISI lifted their price target on Essential Utilities from $42.00 to $45.00 and gave the stock an "outperform" rating in a report on Thursday, August 8th. Wells Fargo & Company lifted their price target on Essential Utilities from $42.00 to $45.00 and gave the stock an "overweight" rating in a report on Wednesday, July 31st. Bank of America restated a "buy" rating and issued a $45.00 target price on shares of Essential Utilities in a research note on Friday, September 20th. Finally, Jefferies Financial Group began coverage on Essential Utilities in a research note on Monday, October 7th. They issued a "buy" rating and a $44.00 target price on the stock. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $44.80.

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.