Proficio Capital Partners LLC Takes $1.62 Million Position in Essential Utilities, Inc. (NYSE:WTRG)

Proficio Capital Partners LLC acquired a new stake in Essential Utilities, Inc. (NYSE:WTRG - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 44,637 shares of the company's stock, valued at approximately $1,621,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its holdings in shares of Essential Utilities by 16.7% in the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company's stock worth $247,134,000 after acquiring an additional 972,803 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Essential Utilities in the third quarter worth about $30,842,000. Allianz Asset Management GmbH increased its holdings in shares of Essential Utilities by 51.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,935,818 shares of the company's stock worth $70,309,000 after acquiring an additional 656,136 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Essential Utilities by 42.6% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,043,011 shares of the company's stock worth $74,202,000 after acquiring an additional 609,915 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Essential Utilities by 33.1% in the third quarter. JPMorgan Chase & Co. now owns 953,984 shares of the company's stock worth $36,795,000 after acquiring an additional 237,096 shares in the last quarter. Institutional investors own 74.78% of the company's stock.

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Essential Utilities Stock Down 1.2 %

Shares of NYSE:WTRG traded down $0.47 during mid-day trading on Friday, reaching $38.39. 3,719,878 shares of the stock were exchanged, compared to its average volume of 1,370,989. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. The company has a market cap of $10.55 billion, a P/E ratio of 19.20, a P/E/G ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. has a one year low of $33.18 and a one year high of $41.78. The stock's 50 day simple moving average is $36.61 and its 200-day simple moving average is $37.83.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The firm had revenue of $604.38 million during the quarter, compared to analysts' expectations of $698.77 million. As a group, equities research analysts predict that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be given a dividend of $0.3255 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.30 annualized dividend and a yield of 3.39%. Essential Utilities's dividend payout ratio (DPR) is presently 59.91%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on WTRG shares. UBS Group lowered their price target on Essential Utilities from $45.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Evercore ISI increased 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. Wells Fargo & Company increased their price objective on Essential Utilities from $39.00 to $41.00 and gave the stock an "equal weight" rating in a report on Thursday, February 27th. Finally, Jefferies Financial Group upgraded Essential Utilities from a "hold" rating to a "buy" rating and set a $41.00 price objective for the company in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Essential Utilities presently has an average rating of "Moderate Buy" and an average price target of $43.50.

About Essential Utilities

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.