Principal Financial Group Inc. Lowers Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Principal Financial Group Inc. trimmed its position in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 24.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 767,455 shares of the company's stock after selling 250,398 shares during the period. Principal Financial Group Inc. owned 0.28% of Essential Utilities worth $29,601,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Epoch Investment Partners Inc. purchased a new stake in shares of Essential Utilities during the first quarter worth about $46,280,000. Pathway Financial Advisers LLC boosted its stake in Essential Utilities by 4,309.4% during the third quarter. Pathway Financial Advisers LLC now owns 1,255,483 shares of the company's stock valued at $48,424,000 after buying an additional 1,227,010 shares during the last quarter. Boston Trust Walden Corp boosted its stake in Essential Utilities by 117.3% during the third quarter. Boston Trust Walden Corp now owns 1,962,692 shares of the company's stock valued at $75,701,000 after buying an additional 1,059,320 shares during the last quarter. Energy Income Partners LLC bought a new position in Essential Utilities during the first quarter valued at approximately $26,917,000. Finally, AMF Tjanstepension AB bought a new position in Essential Utilities during the second quarter valued at approximately $11,853,000. Hedge funds and other institutional investors own 74.78% of the company's stock.

Essential Utilities Price Performance

Shares of NYSE WTRG traded down $0.43 during mid-day trading on Wednesday, reaching $38.62. The company's stock had a trading volume of 258,855 shares, compared to its average volume of 1,528,993. The stock has a 50-day moving average of $39.07 and a two-hundred day moving average of $38.78. The stock has a market capitalization of $10.61 billion, a P/E ratio of 19.53, a P/E/G ratio of 3.10 and a beta of 0.84. 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, Inc. has a 1-year low of $33.57 and a 1-year high of $41.78.

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

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be given a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a yield of 3.37%. The ex-dividend date is Tuesday, November 12th. Essential Utilities's payout ratio is currently 65.00%.

Analyst Upgrades and Downgrades

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

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.