Mirae Asset Global Investments Co. Ltd. Sells 446 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Mirae Asset Global Investments Co. Ltd. lowered its position in Essential Utilities, Inc. (NYSE:WTRG) by 7.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,794 shares of the company’s stock after selling 446 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Essential Utilities were worth $210,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of WTRG. Spirit of America Management Corp NY boosted its position in shares of Essential Utilities by 19.4% during the 4th quarter. Spirit of America Management Corp NY now owns 21,500 shares of the company’s stock valued at $781,000 after acquiring an additional 3,500 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in Essential Utilities by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 351,291 shares of the company’s stock valued at $12,759,000 after purchasing an additional 1,339 shares in the last quarter. abrdn plc grew its stake in shares of Essential Utilities by 76.4% in the 4th quarter. abrdn plc now owns 175,721 shares of the company’s stock valued at $6,337,000 after purchasing an additional 76,091 shares during the period. Boston Trust Walden Corp raised its holdings in shares of Essential Utilities by 8.4% in the 4th quarter. Boston Trust Walden Corp now owns 2,126,907 shares of the company’s stock worth $77,249,000 after buying an additional 164,215 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Essential Utilities by 13.6% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,661 shares of the company’s stock worth $460,000 after buying an additional 1,516 shares in the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Stock Performance

Essential Utilities stock opened at $35.84 on Friday. The stock has a 50-day simple moving average of $35.99 and a 200 day simple moving average of $38.15. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of 17.92, a P/E/G ratio of 2.53 and a beta of 0.86. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78.

Essential Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 10th will be paid a $0.3255 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Monday, February 10th. Essential Utilities’s dividend payout ratio is presently 65.00%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group lowered their price target on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Jefferies Financial Group raised shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Tuesday, January 28th. Robert W. Baird lifted their price target on shares of Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company lowered shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $43.00 to $39.00 in a report on Tuesday, January 7th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

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.