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

Global Water Resources, Inc. (NASDAQ:GWRSGet Rating) declared a monthly dividend on Friday, April 29th, Zacks reports. Stockholders of record on Tuesday, May 17th will be paid a dividend of 0.025 per share by the utilities provider on Tuesday, May 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Monday, May 16th. This is a positive change from Global Water Resources’s previous monthly dividend of $0.02.

Global Water Resources has increased its dividend payment by an average of 1.0% per year over the last three years and has raised its dividend every year for the last 4 years. Global Water Resources has a 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 $0.21 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 138.1%.

Shares of NASDAQ:GWRS opened at $13.55 on Friday. Global Water Resources has a 52 week low of $13.27 and a 52 week high of $21.25. The company has a 50-day moving average price of $15.56 and a 200 day moving average price of $16.30. The company has a market cap of $306.91 million, a P/E ratio of 61.59, a PEG ratio of 4.50 and a beta of 0.70. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 3.67.

Global Water Resources (NASDAQ:GWRSGet Rating) last issued its earnings results on Thursday, March 10th. The utilities provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Global Water Resources had a return on equity of 11.62% and a net margin of 11.05%. The business had revenue of $10.31 million during the quarter, compared to the consensus estimate of $10.10 million. Analysts expect that Global Water Resources will post 0.2 EPS for the current year.

In other Global Water Resources news, Director Andrew M. Cohn purchased 27,500 shares of Global Water Resources stock in a transaction on Monday, February 21st. The shares were bought at an average price of $16.00 per share, with a total value of $440,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew M. Cohn acquired 2,993 shares of the company’s stock in a transaction dated Monday, March 14th. The shares were acquired at an average cost of $16.00 per share, with a total value of $47,888.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 44,391 shares of company stock worth $710,169. Insiders own 45.10% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of Global Water Resources by 4.5% in the fourth quarter. BlackRock Inc. now owns 671,914 shares of the utilities provider’s stock worth $11,489,000 after acquiring an additional 29,100 shares during the last quarter. Millennium Management LLC purchased a new stake in Global Water Resources during the 4th quarter worth about $465,000. Invesco Ltd. raised its stake in Global Water Resources by 29.1% in the 3rd quarter. Invesco Ltd. now owns 64,069 shares of the utilities provider’s stock valued at $1,200,000 after purchasing an additional 14,443 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Global Water Resources by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 189,061 shares of the utilities provider’s stock valued at $3,232,000 after purchasing an additional 12,822 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Global Water Resources by 30.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 54,751 shares of the utilities provider’s stock worth $911,000 after purchasing an additional 12,813 shares during the last quarter. Hedge funds and other institutional investors own 31.93% of the company’s stock.

A number of equities research analysts have commented on the company. StockNews.com downgraded Global Water Resources from a “buy” rating to a “hold” rating in a report on Friday. Zacks Investment Research upgraded shares of Global Water Resources from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a report on Wednesday.

About Global Water Resources (Get Rating)

Global Water Resources, Inc, a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2020, it served approximately 74,048 people in approximately 27,630 homes. The company was founded in 2003 and is based in Phoenix, Arizona.

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Dividend History for Global Water Resources (NASDAQ:GWRS)

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