Allianz Asset Management GmbH Acquires 656,136 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Allianz Asset Management GmbH lifted its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG) by 51.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,935,818 shares of the company’s stock after purchasing an additional 656,136 shares during the quarter. Allianz Asset Management GmbH’s holdings in Essential Utilities were worth $70,309,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Essential Utilities during the 3rd quarter worth approximately $26,000. Darwin Wealth Management LLC bought a new stake in shares of Essential Utilities during the third quarter worth $28,000. First Horizon Advisors Inc. raised its holdings in shares of Essential Utilities by 61.4% during the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after acquiring an additional 294 shares during the period. Truvestments Capital LLC bought a new stake in Essential Utilities in the 3rd quarter valued at $42,000. Finally, Farther Finance Advisors LLC boosted its stake in Essential Utilities by 81.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,149 shares of the company’s stock worth $44,000 after purchasing an additional 515 shares during the period. Institutional investors own 74.78% of the company’s stock.

Wall Street Analysts Forecast Growth

WTRG has been the topic of several recent research reports. UBS Group dropped their price target on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Robert W. Baird lifted their target price on Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Jefferies Financial Group raised Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company cut shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $43.00 to $39.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Essential Utilities has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Essential Utilities Stock Performance

Shares of NYSE WTRG opened at $36.58 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The stock has a 50 day moving average price of $35.54 and a 200 day moving average price of $37.92. The stock has a market capitalization of $10.04 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 2.54 and a beta of 0.86. Essential Utilities, Inc. has a 52 week low of $33.18 and a 52 week high of $41.78.

Essential Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th will be paid a $0.3255 dividend. This represents a $1.30 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities’s dividend payout ratio is currently 65.00%.

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.