Stock Yards Bank & Trust Co. Lowers Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Stock Yards Bank & Trust Co. reduced its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 32.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,760 shares of the company’s stock after selling 3,782 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Essential Utilities were worth $290,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Tradewinds Capital Management LLC grew its position in Essential Utilities by 857.5% during 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 period. Quest Partners LLC acquired a new position in shares of Essential Utilities in the 4th quarter valued at about $36,000. Tradition Wealth Management LLC grew its holdings in shares of Essential Utilities by 246.0% during the 4th quarter. Tradition Wealth Management LLC now owns 955 shares of the company’s stock worth $36,000 after purchasing an additional 679 shares during the period. Voisard Asset Management Group Inc. acquired a new stake in Essential Utilities during the 2nd quarter worth approximately $37,000. Finally, Webster Bank N. A. purchased a new position in Essential Utilities in the first quarter valued at approximately $41,000. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Price Performance

Shares of WTRG stock opened at $38.74 on Thursday. The firm has a fifty day simple moving average of $39.76 and a 200-day simple moving average of $37.88. The company has a market capitalization of $10.60 billion, a PE ratio of 18.36, a price-to-earnings-growth ratio of 3.46 and a beta of 0.85. Essential Utilities, Inc. has a twelve month low of $32.07 and a twelve month high of $41.78. 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 (NYSE:WTRG) last posted its quarterly earnings data 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 net margin of 28.74% and a return on equity of 8.16%. The firm had revenue of $434.40 million during the quarter, compared to analysts’ expectations of $442.76 million. During the same period in the previous year, the company earned $0.34 earnings per share. The business’s quarterly revenue was down .5% on a year-over-year basis. Equities research analysts anticipate that Essential Utilities, Inc. will post 1.94 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were issued a dividend of $0.3255 per share. The ex-dividend date of this dividend was Monday, August 12th. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.30 annualized dividend and a yield of 3.36%. Essential Utilities’s payout ratio is currently 61.61%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Essential Utilities

In related news, CAO Robert A. Rubin sold 2,342 shares of Essential Utilities stock in a transaction on Monday, July 1st. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.21% of the stock is currently owned by corporate insiders.

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.