Middlesex Water (NASDAQ:MSEX) declared a quarterly dividend on Thursday, October 25th, Wall Street Journal reports. Investors of record on Thursday, November 15th will be paid a dividend of 0.24 per share by the utilities provider on Monday, December 3rd. This represents a $0.96 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Wednesday, November 14th. This is an increase from Middlesex Water’s previous quarterly dividend of $0.22.
Middlesex Water has raised its dividend payment by an average of 4.0% annually over the last three years and has increased its dividend annually for the last 45 consecutive years. Middlesex Water has a dividend payout ratio of 52.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Middlesex Water to earn $2.05 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 46.8%.
Shares of NASDAQ MSEX opened at $49.72 on Friday. Middlesex Water has a 1 year low of $33.96 and a 1 year high of $52.56. The stock has a market cap of $821.88 million, a P/E ratio of 36.03 and a beta of 0.53. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.37 and a quick ratio of 0.32.
In other Middlesex Water news, VP A Bruce Oconnor sold 3,321 shares of Middlesex Water stock in a transaction dated Friday, October 5th. The shares were sold at an average price of $45.82, for a total value of $152,168.22. Following the completion of the transaction, the vice president now directly owns 16,307 shares of the company’s stock, valued at $747,186.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Lorrie Beth Ginegaw sold 760 shares of Middlesex Water stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $44.45, for a total transaction of $33,782.00. Following the completion of the transaction, the vice president now directly owns 8,131 shares of the company’s stock, valued at $361,422.95. The disclosure for this sale can be found here. 3.48% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on MSEX shares. Zacks Investment Research raised shares of Middlesex Water from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Thursday, August 9th. BidaskClub raised shares of Middlesex Water from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 16th. Finally, Janney Montgomery Scott raised shares of Middlesex Water from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Monday.
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Middlesex Water Company Profile
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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