PNC Financial Services Group Inc. reduced its position in shares of Aqua America Inc (NYSE:WTR) by 1.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,374 shares of the utilities provider’s stock after selling 4,440 shares during the period. PNC Financial Services Group Inc. owned approximately 0.14% of Aqua America worth $9,351,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WTR. City Holding Co. purchased a new position in Aqua America in the second quarter worth $136,000. Arlington Partners LLC purchased a new position in Aqua America in the third quarter worth $138,000. Envestnet Asset Management Inc. grew its position in Aqua America by 70.8% in the second quarter. Envestnet Asset Management Inc. now owns 4,295 shares of the utilities provider’s stock worth $151,000 after acquiring an additional 1,780 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in Aqua America in the third quarter worth $179,000. Finally, Headinvest LLC purchased a new position in Aqua America in the second quarter worth $201,000. Hedge funds and other institutional investors own 54.43% of the company’s stock.
Several research analysts recently issued reports on the stock. Boenning Scattergood reiterated a “buy” rating and issued a $43.00 target price on shares of Aqua America in a research report on Tuesday, November 6th. Wells Fargo & Co set a $35.00 target price on shares of Aqua America and gave the stock a “hold” rating in a research report on Tuesday, November 6th. ValuEngine lowered shares of Aqua America from a “buy” rating to a “hold” rating in a research report on Saturday, October 27th. Evercore ISI assumed coverage on shares of Aqua America in a research report on Monday, September 17th. They issued an “in-line” rating and a $37.00 target price for the company. Finally, Macquarie set a $35.00 target price on shares of Aqua America and gave the stock a “hold” rating in a research report on Thursday, October 25th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $38.29.
Aqua America (NYSE:WTR) last posted its quarterly earnings results on Monday, November 5th. The utilities provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $226.10 million during the quarter, compared to the consensus estimate of $238.86 million. Aqua America had a net margin of 29.81% and a return on equity of 12.64%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 earnings per share. On average, equities analysts anticipate that Aqua America Inc will post 1.41 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 16th will be paid a $0.219 dividend. This represents a $0.88 annualized dividend and a yield of 2.59%. The ex-dividend date is Thursday, November 15th. Aqua America’s dividend payout ratio is presently 64.23%.
In other Aqua America news, COO Richard Scott Fox purchased 3,096 shares of the stock in a transaction on Thursday, November 15th. The stock was acquired at an average cost of $32.35 per share, with a total value of $100,155.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Chris Franklin purchased 25,421 shares of the stock in a transaction on Wednesday, November 14th. The stock was acquired at an average cost of $32.86 per share, with a total value of $835,334.06. Following the completion of the purchase, the chief executive officer now directly owns 144,368 shares of the company’s stock, valued at $4,743,932.48. The disclosure for this purchase can be found here. Insiders acquired 34,637 shares of company stock valued at $1,135,946 over the last three months. 0.24% of the stock is currently owned by insiders.
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Aqua America Profile
Aqua America, Inc, through its subsidiaries, operates regulated utilities that provide water or wastewater services in the United States. It offers water and wastewater services through operating and maintenance contracts with municipal authorities and other parties. The company also provides non-utility raw water supply services for firms in the natural gas drilling industry.
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