York Water (NASDAQ:YORW) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of York Water (NASDAQ:YORW) from a buy rating to a hold rating in a research note released on Thursday morning, Zacks.com reports.

According to Zacks, “The York Water Company impounds, purifies and distributes water. They are regulated by the Pennsylvania Public Utility Commission in the areas of billing, payment procedures, dispute processing, terminations, service territory, and rate setting. They must obtain PPUC approval before changing any of the aforementioned procedures. “

A number of other brokerages have also recently weighed in on YORW. Janney Montgomery Scott upgraded shares of York Water from a neutral rating to a buy rating and lifted their price target for the company from $36.00 to $37.00 in a research report on Thursday, May 9th. BidaskClub upgraded shares of York Water from a sell rating to a hold rating in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. York Water has an average rating of Hold and a consensus target price of $37.00.

Shares of YORW opened at $36.41 on Thursday. York Water has a 1-year low of $29.10 and a 1-year high of $39.19. The stock has a market cap of $487.88 million, a PE ratio of 35.01 and a beta of 0.20. The firm has a 50-day simple moving average of $36.44 and a two-hundred day simple moving average of $34.97. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.91 and a quick ratio of 0.82.

York Water (NASDAQ:YORW) last announced its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.28 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.28. York Water had a net margin of 28.21% and a return on equity of 11.06%. The business had revenue of $13.05 million during the quarter, compared to analysts’ expectations of $12.00 million. As a group, sell-side analysts expect that York Water will post 1.12 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.173 dividend. This represents a $0.69 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, September 27th. York Water’s payout ratio is 66.35%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in York Water by 16.9% in the fourth quarter. Bank of America Corp DE now owns 88,630 shares of the utilities provider’s stock valued at $2,841,000 after acquiring an additional 12,824 shares during the last quarter. Legal & General Group Plc increased its stake in York Water by 21.4% in the fourth quarter. Legal & General Group Plc now owns 2,516 shares of the utilities provider’s stock valued at $80,000 after acquiring an additional 443 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in York Water by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 441,459 shares of the utilities provider’s stock valued at $14,153,000 after acquiring an additional 2,535 shares during the last quarter. Norges Bank bought a new position in York Water in the fourth quarter valued at $238,000. Finally, Pennsylvania Trust Co bought a new position in York Water in the first quarter valued at $3,227,000. 37.03% of the stock is owned by institutional investors and hedge funds.

About York Water

The York Water Company impounds, purifies, and distributes drinking water. It also owns and operates three wastewater collection systems and two wastewater treatment systems; and two reservoirs, including Lake Williams and Lake Redman, which hold approximately 2.2 billion gallons of water. In addition, the company has a 15-mile pipeline from the Susquehanna River to Lake Redman; and owns seven wells that supply water to its customers in Carroll Valley Borough and Cumberland Township, Adams County.

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