Global Water Resources, Inc. (NASDAQ:GWRS) to Issue Dividend Increase – $0.03 Per Share

Global Water Resources, Inc. (NASDAQ:GWRS) announced a monthly dividend on Thursday, December 30th, Zacks reports. Shareholders of record on Tuesday, January 18th will be given a dividend of 0.025 per share by the utilities provider on Monday, January 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Friday, January 14th. This is a positive change from Global Water Resources’s previous monthly dividend of $0.02.

Global Water Resources has raised its dividend by 3.0% over the last three years and has raised its dividend every year for the last 6 years. Global Water Resources has a dividend payout ratio of 145.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Global Water Resources to earn $0.16 per share next year, which means the company may not be able to cover its $0.29 annual dividend with an expected future payout ratio of 181.3%.

Shares of Global Water Resources stock opened at $15.75 on Thursday. The company has a market cap of $356.74 million, a price-to-earnings ratio of 112.51, a PEG ratio of 6.72 and a beta of 0.58. The company has a debt-to-equity ratio of 3.59, a current ratio of 1.72 and a quick ratio of 1.72. Global Water Resources has a 12 month low of $15.29 and a 12 month high of $21.25. The firm’s 50-day moving average price is $17.57.

Global Water Resources (NASDAQ:GWRS) last issued its earnings results on Monday, November 8th. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The business had revenue of $11.40 million during the quarter, compared to analyst estimates of $11.50 million. Global Water Resources had a return on equity of 6.22% and a net margin of 7.27%. On average, analysts expect that Global Water Resources will post 0.1 EPS for the current year.

In other news, Director Andrew M. Cohn acquired 10,000 shares of the company’s stock in a transaction on Thursday, December 16th. The stock was bought at an average cost of $16.19 per share, with a total value of $161,900.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have bought 10,875 shares of company stock worth $178,043. Corporate insiders own 44.50% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA lifted its position in shares of Global Water Resources by 333.0% during the third quarter. BNP Paribas Arbitrage SA now owns 2,386 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 1,835 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Global Water Resources by 17.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 29,946 shares of the utilities provider’s stock worth $561,000 after acquiring an additional 4,463 shares in the last quarter. Morgan Stanley increased its position in shares of Global Water Resources by 32.5% during the third quarter. Morgan Stanley now owns 37,774 shares of the utilities provider’s stock worth $706,000 after acquiring an additional 9,275 shares during the period. Invesco Ltd. raised its stake in shares of Global Water Resources by 29.1% during the third quarter. Invesco Ltd. now owns 64,069 shares of the utilities provider’s stock valued at $1,200,000 after acquiring an additional 14,443 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Global Water Resources by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 112,151 shares of the utilities provider’s stock valued at $2,099,000 after purchasing an additional 1,733 shares during the period. 33.06% of the stock is currently owned by institutional investors.

Several analysts have weighed in on GWRS shares. TheStreet downgraded shares of Global Water Resources from a “b-” rating to a “c” rating in a research note on Thursday, November 11th. Zacks Investment Research upgraded shares of Global Water Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, November 23rd. Finally, Roth Capital upped their price target on shares of Global Water Resources from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, September 23rd.

Global Water Resources Company Profile

Global Water Resources, Inc engages in the operation and management of water, wastewater, and recycled water utilities. It also distributes recycled water throughout the communities through a separate system of pipes. The company was founded by Trevor T. Hill and William S. Levine on September 24, 2003 and is headquartered in Phoenix, AZ.

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Dividend History for Global Water Resources (NASDAQ:GWRS)

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