Middlesex Water (NASDAQ:MSEX) announced a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Shareholders of record on Wednesday, May 15th will be paid a dividend of 0.24 per share by the utilities provider on Monday, June 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Tuesday, May 14th.
Middlesex Water has increased its dividend payment by an average of 5.5% per year over the last three years and has raised its dividend annually for the last 46 consecutive years. Middlesex Water has a dividend payout ratio of 52.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Middlesex Water to earn $2.24 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 42.9%.
Shares of NASDAQ:MSEX opened at $60.60 on Monday. The firm has a market cap of $985.47 million, a price-to-earnings ratio of 30.92 and a beta of 0.43. Middlesex Water has a 1-year low of $40.08 and a 1-year high of $60.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.27 and a current ratio of 0.32.
A number of research firms recently weighed in on MSEX. Zacks Investment Research raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a report on Friday. BidaskClub cut shares of Middlesex Water from a “buy” rating to a “hold” rating in a report on Friday, March 15th. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and increased their target price for the company from $58.00 to $66.00 in a research report on Wednesday, May 8th.
In other news, VP Lorrie Beth Ginegaw sold 720 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $56.21, for a total transaction of $40,471.20. Following the completion of the transaction, the vice president now owns 6,445 shares in the company, valued at approximately $362,273.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Bernadette M. Sohler sold 500 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $57.85, for a total transaction of $28,925.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,226 shares of company stock valued at $185,439. Insiders own 3.49% of the company’s stock.
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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