Cullen Frost Bankers Inc. Sells 9,078 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Cullen Frost Bankers Inc. decreased its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG) by 21.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,149 shares of the company’s stock after selling 9,078 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Essential Utilities were worth $1,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group bought a new stake in Essential Utilities during the 3rd quarter valued at $26,000. Darwin Wealth Management LLC bought a new position in shares of Essential Utilities in the third quarter worth $28,000. First Horizon Advisors Inc. increased its holdings in shares of Essential Utilities by 61.4% in the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after purchasing an additional 294 shares during the period. IFP Advisors Inc increased its holdings in shares of Essential Utilities by 75.0% in the fourth quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after purchasing an additional 473 shares during the period. Finally, Truvestments Capital LLC bought a new position in shares of Essential Utilities in the third quarter worth $42,000. Institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Up 3.5 %

WTRG opened at $39.81 on Friday. The stock has a market cap of $10.95 billion, a PE ratio of 19.91, a P/E/G ratio of 2.57 and a beta of 0.79. 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 52 week low of $33.18 and a 52 week high of $41.78. The business’s fifty day simple moving average is $35.85 and its 200 day simple moving average is $37.83.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The business had revenue of $604.38 million during the quarter, compared to analyst estimates of $698.77 million. As a group, research analysts expect that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be issued a dividend of $0.3255 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.27%. Essential Utilities’s dividend payout ratio is currently 59.91%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WTRG. Evercore ISI upped their price target on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday. UBS Group decreased their price target on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Wells Fargo & Company increased their target price on Essential Utilities from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, February 27th. Finally, Jefferies Financial Group raised Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.50.

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.