Tower Wealth Partners Inc. Buys 426 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Tower Wealth Partners Inc. boosted its stake in Essential Utilities, Inc. (NYSE:WTRG) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,718 shares of the company’s stock after buying an additional 426 shares during the quarter. Tower Wealth Partners Inc.’s holdings in Essential Utilities were worth $251,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. Tradewinds Capital Management LLC raised its stake in shares of Essential Utilities by 857.5% in the first quarter. Tradewinds Capital Management LLC now owns 699 shares of the company’s stock valued at $26,000 after acquiring an additional 626 shares during the last quarter. Quest Partners LLC bought a new position in Essential Utilities in the 4th quarter valued at $36,000. Tradition Wealth Management LLC boosted its stake in Essential Utilities by 246.0% in the fourth quarter. Tradition Wealth Management LLC now owns 955 shares of the company’s stock worth $36,000 after purchasing an additional 679 shares in the last quarter. Voisard Asset Management Group Inc. acquired a new position in Essential Utilities in the second quarter worth $37,000. Finally, Webster Bank N. A. bought a new stake in shares of Essential Utilities during the first quarter worth $41,000. 74.78% of the stock is currently owned by institutional investors.

Essential Utilities Stock Performance

Shares of NYSE:WTRG opened at $39.47 on Tuesday. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14. Essential Utilities, Inc. has a 1-year low of $32.07 and a 1-year high of $41.78. The stock has a market capitalization of $10.80 billion, a P/E ratio of 18.71, a P/E/G ratio of 3.46 and a beta of 0.85. The business has a 50-day moving average price of $39.70 and a two-hundred day moving average price of $37.84.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. The business had revenue of $434.40 million for the quarter, compared to the consensus estimate of $442.76 million. During the same period last year, the firm earned $0.34 earnings per share. The company’s quarterly revenue was down .5% on a year-over-year basis. Equities analysts predict that Essential Utilities, Inc. will post 1.94 earnings per share for the current year.

Essential Utilities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a $0.3255 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.30%. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio is 61.61%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WTRG. Wells Fargo & Company lifted their price target on Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Robert W. Baird boosted their target price on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI increased their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.40.

Insider Transactions at Essential Utilities

In related news, CAO Robert A. Rubin sold 2,342 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.43, for a total value of $87,661.06. Following the completion of the sale, the chief accounting officer now owns 53,391 shares in the company, valued at $1,998,425.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

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.