Allspring Global Investments Holdings LLC Sells 40,132 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Allspring Global Investments Holdings LLC reduced its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 88.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,389 shares of the company’s stock after selling 40,132 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Essential Utilities were worth $201,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. HBK Sorce Advisory LLC lifted its position in shares of Essential Utilities by 5.4% during the 4th quarter. HBK Sorce Advisory LLC now owns 8,733 shares of the company’s stock valued at $326,000 after buying an additional 448 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Essential Utilities in the 4th quarter valued at approximately $3,583,000. Valley National Advisers Inc. raised its holdings in Essential Utilities by 4,210.0% during the 4th quarter. Valley National Advisers Inc. now owns 862 shares of the company’s stock valued at $32,000 after acquiring an additional 842 shares during the period. Cambiar Investors LLC boosted its holdings in shares of Essential Utilities by 33.2% in the fourth quarter. Cambiar Investors LLC now owns 303,518 shares of the company’s stock worth $11,336,000 after acquiring an additional 75,708 shares during the period. Finally, Meeder Advisory Services Inc. purchased a new position in shares of Essential Utilities in the fourth quarter valued at $230,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Performance

NYSE WTRG opened at $36.09 on Friday. The company’s 50 day simple moving average is $35.74 and its two-hundred day simple moving average is $35.75. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.62 and a quick ratio of 0.48. Essential Utilities, Inc. has a 1 year low of $32.07 and a 1 year high of $43.74. The stock has a market capitalization of $9.87 billion, a PE ratio of 19.40, a P/E/G ratio of 3.18 and a beta of 0.82.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Friday, February 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Essential Utilities had a return on equity of 8.68% and a net margin of 24.26%. The company had revenue of $479.40 million for the quarter, compared to the consensus estimate of $708.50 million. During the same quarter last year, the business posted $0.44 earnings per share. The firm’s revenue was down 32.0% compared to the same quarter last year. Analysts predict that Essential Utilities, Inc. will post 2 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a dividend of $0.3071 per share. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. The ex-dividend date is Thursday, May 9th. This represents a $1.23 annualized dividend and a dividend yield of 3.40%. Essential Utilities’s payout ratio is presently 66.13%.

Insider Buying and Selling

In other Essential Utilities news, CAO Robert A. Rubin sold 5,565 shares of Essential Utilities stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $37.21, for a total transaction of $207,073.65. Following the completion of the sale, the chief accounting officer now directly owns 57,756 shares in the company, valued at $2,149,100.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.21% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Evercore ISI dropped their price objective on Essential Utilities from $51.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, March 4th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Essential Utilities currently has an average rating of “Moderate Buy” and an average price target of $43.00.

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.