Principal Financial Group Inc. Sells 41,974 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Principal Financial Group Inc. cut its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 5.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 725,481 shares of the company’s stock after selling 41,974 shares during the quarter. Principal Financial Group Inc. owned 0.26% of Essential Utilities worth $26,349,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Glenmede Trust Co. NA grew its holdings in shares of Essential Utilities by 1.6% during the 3rd quarter. Glenmede Trust Co. NA now owns 51,881 shares of the company’s stock valued at $2,001,000 after purchasing an additional 803 shares during the last quarter. Synergy Asset Management LLC grew its holdings in shares of Essential Utilities by 92.8% during the 4th quarter. Synergy Asset Management LLC now owns 148,009 shares of the company’s stock valued at $5,529,000 after purchasing an additional 71,222 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Essential Utilities by 16.7% during the 4th quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company’s stock valued at $247,134,000 after purchasing an additional 972,803 shares during the last quarter. Empower Advisory Group LLC grew its holdings in shares of Essential Utilities by 5.6% during the 3rd quarter. Empower Advisory Group LLC now owns 1,585,475 shares of the company’s stock valued at $61,152,000 after purchasing an additional 84,596 shares during the last quarter. Finally, Brighton Jones LLC bought a new stake in shares of Essential Utilities during the 4th quarter valued at approximately $638,000. 74.78% of the stock is owned by institutional investors.

Essential Utilities Trading Up 1.7 %

NYSE:WTRG opened at $36.58 on Friday. The firm’s fifty day moving average is $35.54 and its 200-day moving average is $37.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. Essential Utilities, Inc. has a 52 week low of $33.18 and a 52 week high of $41.78. The firm has a market cap of $10.04 billion, a P/E ratio of 18.29, a P/E/G ratio of 2.57 and a beta of 0.86.

Essential Utilities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders 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 dividend 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%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WTRG. Wells Fargo & Company lowered shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $43.00 to $39.00 in a report on Tuesday, January 7th. 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. UBS Group reduced their target price 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. Finally, Robert W. Baird boosted their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

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.