Sanibel Captiva Trust Company Inc. Sells 334 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Sanibel Captiva Trust Company Inc. cut its position in Essential Utilities, Inc. (NYSE:WTRG) by 5.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,157 shares of the company’s stock after selling 334 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Essential Utilities were worth $230,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bare Financial Services Inc bought a new stake in shares of Essential Utilities in the fourth quarter valued at $25,000. 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 buying an additional 626 shares during the period. Lindbrook Capital LLC raised its stake in shares of Essential Utilities by 78.9% in the fourth quarter. Lindbrook Capital LLC now owns 737 shares of the company’s stock valued at $28,000 after buying an additional 325 shares during the period. VisionPoint Advisory Group LLC raised its stake in shares of Essential Utilities by 52.9% in the fourth quarter. VisionPoint Advisory Group LLC now owns 977 shares of the company’s stock valued at $36,000 after buying an additional 338 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Essential Utilities in the fourth quarter valued at $36,000. 74.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Essential Utilities news, CAO Robert A. Rubin sold 2,342 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.43, for a total transaction of $87,661.06. Following the transaction, the chief accounting officer now owns 53,391 shares in the company, valued at approximately $1,998,425.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.21% of the company’s stock.

Essential Utilities Trading Down 0.3 %

WTRG traded down $0.10 during midday trading on Wednesday, reaching $39.43. 114,508 shares of the company’s stock traded hands, compared to its average volume of 1,558,980. The firm has a fifty day moving average of $38.96 and a two-hundred day moving average of $37.36. The stock has a market capitalization of $10.79 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 3.50 and a beta of 0.83. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. Essential Utilities, Inc. has a 52 week low of $32.07 and a 52 week high of $41.78.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings results on Monday, August 5th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). The business had revenue of $434.40 million for the quarter, compared to the consensus estimate of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the company earned $0.34 EPS. On average, equities analysts anticipate that Essential Utilities, Inc. will post 1.96 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th will be issued a dividend of $0.3255 per share. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, August 12th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.30%. Essential Utilities’s dividend payout ratio is 61.61%.

Analysts Set New Price Targets

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

Essential Utilities Company 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.