Global Water Resources, Inc. (NASDAQ:GWRS) announced a monthly dividend on Wednesday, September 1st, Wall Street Journal reports. Shareholders of record on Thursday, September 16th will be paid a dividend of 0.0243 per share by the utilities provider on Thursday, September 30th. This represents a $0.29 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Wednesday, September 15th.
Global Water Resources has increased its dividend by 5.5% over the last three years and has raised its dividend annually for the last 5 consecutive years. Global Water Resources has a payout ratio of 263.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Global Water Resources to earn $0.18 per share next year, which means the company may not be able to cover its $0.29 annual dividend with an expected future payout ratio of 161.1%.
Shares of GWRS opened at $19.30 on Tuesday. Global Water Resources has a twelve month low of $10.31 and a twelve month high of $21.25. The stock’s 50 day moving average is $18.57 and its two-hundred day moving average is $17.56. The firm has a market capitalization of $436.57 million, a PE ratio of 284.29, a P/E/G ratio of 12.06 and a beta of 0.59. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 3.58.
In other news, Director Andrew M. Cohn purchased 5,848 shares of the firm’s stock in a transaction dated Thursday, June 24th. The shares were acquired at an average price of $16.40 per share, with a total value of $95,907.20. Following the purchase, the director now directly owns 1,855,968 shares of the company’s stock, valued at $30,437,875.20. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 5,902 shares of company stock worth $96,856 in the last three months. Corporate insiders own 44.50% of the company’s stock.
Separately, TheStreet raised Global Water Resources from a “c” rating to a “b-” rating in a research note on Friday, August 6th.
About Global Water Resources
Global Water Resources, Inc engages in the operation and management of water, wastewater, and recycled water utilities. It also distributes recycled water throughout the communities through a separate system of pipes. The company was founded by Trevor T. Hill and William S. Levine on September 24, 2003 and is headquartered in Phoenix, AZ.
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