Artesian Resources Corp. (NASDAQ:ARTNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “

Shares of Artesian Resources Corp. (NASDAQ:ARTNA) traded up 0.97% during mid-day trading on Tuesday, hitting $28.49. 30,172 shares of the stock were exchanged. The company has a market cap of $259.46 million, a P/E ratio of 22.61 and a beta of 0.18. Artesian Resources Corp. has a 52-week low of $22.66 and a 52-week high of $35.00. The stock’s 50-day moving average price is $29.50 and its 200-day moving average price is $29.38.

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The business also recently announced a quarterly dividend, which was paid on Monday, August 22nd. Shareholders of record on Wednesday, August 10th were given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend was Monday, August 8th. This is an increase from Artesian Resources Corp.’s previous quarterly dividend of $0.22. Artesian Resources Corp.’s payout ratio is currently 71.43%.

Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Artesian Resources Corp. by 81.4% in the second quarter. Royal Bank of Canada now owns 8,418 shares of the company’s stock valued at $286,000 after buying an additional 3,777 shares in the last quarter. IFP Advisors Inc increased its stake in Artesian Resources Corp. by 13.1% in the second quarter. IFP Advisors Inc now owns 6,050 shares of the company’s stock valued at $205,000 after buying an additional 700 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake in Artesian Resources Corp. by 3.0% in the second quarter. Parametric Portfolio Associates LLC now owns 41,314 shares of the company’s stock valued at $1,401,000 after buying an additional 1,191 shares in the last quarter. State Street Corp increased its stake in Artesian Resources Corp. by 6.3% in the second quarter. State Street Corp now owns 163,571 shares of the company’s stock valued at $5,552,000 after buying an additional 9,742 shares in the last quarter. Finally, WFG Advisors LP increased its stake in Artesian Resources Corp. by 5.9% in the second quarter. WFG Advisors LP now owns 172,206 shares of the company’s stock valued at $5,841,000 after buying an additional 9,636 shares in the last quarter. 39.08% of the stock is currently owned by institutional investors.

Artesian Resources Corp. Company Profile

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

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