State of Michigan Retirement System Purchases 7,500 Shares of Essential Utilities, Inc. (NYSE:WTRG)

State of Michigan Retirement System raised its position in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 12.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,271 shares of the company's stock after acquiring an additional 7,500 shares during the period. State of Michigan Retirement System's holdings in Essential Utilities were worth $2,443,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in WTRG. Brooklyn Investment Group bought a new stake in Essential Utilities in the 3rd quarter valued at about $26,000. Darwin Wealth Management LLC bought a new stake in shares of Essential Utilities in the third quarter valued at approximately $28,000. First Horizon Advisors Inc. grew its position in Essential Utilities by 61.4% during the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company's stock worth $30,000 after buying an additional 294 shares in the last quarter. IFP Advisors Inc grew its position in Essential Utilities by 75.0% during the fourth quarter. IFP Advisors Inc now owns 1,104 shares of the company's stock worth $40,000 after buying an additional 473 shares in the last quarter. Finally, Truvestments Capital LLC bought a new position in Essential Utilities during the 3rd quarter worth $42,000. Institutional investors and hedge funds own 74.78% of the company's stock.

Essential Utilities Price Performance

Shares of WTRG traded down $0.86 during mid-day trading on Tuesday, reaching $39.72. The company had a trading volume of 1,996,075 shares, compared to its average volume of 1,607,684. The company's 50 day simple moving average is $35.94 and its 200 day simple moving average is $37.82. The company has a market capitalization of $10.92 billion, a price-to-earnings ratio of 19.86, a P/E/G ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. has a 1-year low of $33.18 and a 1-year 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.

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Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The company had revenue of $604.38 million during the quarter, compared to the consensus estimate of $698.77 million. Analysts expect that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities's dividend payout ratio is currently 59.91%.

Wall Street Analyst Weigh In

WTRG has been the topic of several analyst reports. Evercore ISI increased their target price on Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, March 5th. Jefferies Financial Group upgraded shares of Essential Utilities from a "hold" rating to a "buy" rating and set a $41.00 price objective on the stock in a research note on Tuesday, January 28th. UBS Group decreased their target price on shares of Essential Utilities from $45.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. Finally, Wells Fargo & Company increased their price target on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.