PNC Financial Services Group Inc. Has $1.09 Million Stake in Middlesex Water (NASDAQ:MSEX)

PNC Financial Services Group Inc. cut its stake in Middlesex Water (NASDAQ:MSEX) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,742 shares of the utilities provider’s stock after selling 199 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Middlesex Water were worth $1,092,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MSEX. Pathway Financial Advisers LLC bought a new stake in Middlesex Water during the first quarter worth $52,000. GAMMA Investing LLC boosted its holdings in Middlesex Water by 107.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,231 shares of the utilities provider’s stock worth $64,000 after acquiring an additional 637 shares during the last quarter. CWM LLC grew its stake in shares of Middlesex Water by 65.1% in the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock worth $68,000 after acquiring an additional 515 shares in the last quarter. Crestwood Advisors Group LLC purchased a new stake in shares of Middlesex Water in the third quarter valued at about $210,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Middlesex Water during the third quarter valued at about $225,000. Institutional investors own 79.52% of the company’s stock.

Middlesex Water Trading Down 1.9 %

NASDAQ MSEX opened at $65.32 on Thursday. The business’s fifty day moving average is $65.24 and its 200-day moving average is $60.78. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 29.07 and a beta of 0.79. Middlesex Water has a one year low of $45.42 and a one year high of $73.47.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.67 by $0.13. The business had revenue of $55.10 million for the quarter, compared to analyst estimates of $50.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter in the previous year, the firm posted $0.56 earnings per share. Equities research analysts predict that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be paid a $0.34 dividend. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, November 15th. This represents a $1.36 annualized dividend and a yield of 2.08%. Middlesex Water’s dividend payout ratio is presently 59.13%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MSEX shares. Baird R W downgraded shares of Middlesex Water from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 5th. Robert W. Baird upped their target price on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a report on Friday, November 1st.

About Middlesex Water

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.