Artesian Resources Co. (ARTNA) Increases Dividend to $0.23 Per Share

Artesian Resources Co. (NASDAQ:ARTNA) announced a quarterly dividend on Thursday, May 4th. Shareholders of record on Monday, May 15th will be paid a dividend of 0.2317 per share by the utilities provider on Friday, May 26th. This represents a $0.93 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend is Thursday, May 11th. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.23.

Shares of Artesian Resources (NASDAQ:ARTNA) traded down 1.34% during mid-day trading on Friday, reaching $36.07. 24,453 shares of the company’s stock were exchanged. The stock has a market cap of $329.86 million, a price-to-earnings ratio of 25.05 and a beta of 0.17. The stock has a 50 day moving average price of $36.67 and a 200 day moving average price of $32.88. Artesian Resources has a 52 week low of $26.28 and a 52 week high of $40.40.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings data on Wednesday, May 3rd. The utilities provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by $0.01. Artesian Resources had a return on equity of 8.99% and a net margin of 15.39%. The business had revenue of $19.19 million for the quarter. Equities research analysts predict that Artesian Resources will post $1.49 EPS for the current year.

Dividend History for Artesian Resources (NASDAQ:ARTNA)

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ARTNA has been the subject of several research analyst reports. Zacks Investment Research cut Artesian Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, May 9th. Hilliard Lyons cut Artesian Resources from a “buy” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research report on Thursday, May 4th.

In other Artesian Resources news, Director William C. Wyer sold 2,255 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $37.60, for a total value of $84,788.00. Following the completion of the transaction, the director now owns 17,755 shares of the company’s stock, valued at approximately $667,588. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kenneth R. Biederman sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $31.61, for a total value of $94,830.00. Following the completion of the transaction, the director now directly owns 22,875 shares of the company’s stock, valued at approximately $723,078.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,755 shares of company stock valued at $497,633. Insiders own 20.59% of the company’s stock.

Institutional investors have recently modified their holdings of the company. TIAA CREF Investment Management LLC boosted its position in shares of Artesian Resources by 6.4% in the first quarter. TIAA CREF Investment Management LLC now owns 25,289 shares of the utilities provider’s stock worth $823,000 after buying an additional 1,511 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Artesian Resources by 0.7% in the first quarter. Vanguard Group Inc. now owns 365,893 shares of the utilities provider’s stock worth $11,914,000 after buying an additional 2,417 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Artesian Resources by 2.6% in the first quarter. Geode Capital Management LLC now owns 110,162 shares of the utilities provider’s stock worth $3,586,000 after buying an additional 2,784 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Artesian Resources by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 200,290 shares of the utilities provider’s stock worth $6,521,000 after buying an additional 8,120 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Artesian Resources by 79.3% in the first quarter. Bank of America Corp DE now owns 3,823 shares of the utilities provider’s stock worth $124,000 after buying an additional 1,691 shares during the period. 37.21% of the stock is owned by institutional investors and hedge funds.

Artesian Resources Company Profile

Artesian Resources Corporation is a holding company. The Company’s subsidiaries offer water, wastewater and other services on the Delmarva Peninsula. The Company distributes and sells water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in the states of Delaware, Maryland and Pennsylvania.

12 Month Chart for NASDAQ:ARTNA

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