8,587 Shares in Artesian Resources Co. (NASDAQ:ARTNA) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new position in shares of Artesian Resources Co. (NASDAQ:ARTNA) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,587 shares of the utilities provider’s stock, valued at approximately $272,000.

Several other large investors have also recently added to or reduced their stakes in ARTNA. R Squared Ltd acquired a new position in Artesian Resources during the fourth quarter worth about $63,000. Wells Fargo & Company MN grew its position in Artesian Resources by 100.2% during the fourth quarter. Wells Fargo & Company MN now owns 3,514 shares of the utilities provider’s stock worth $111,000 after buying an additional 1,759 shares during the period. JPMorgan Chase & Co. grew its position in Artesian Resources by 169.7% during the third quarter. JPMorgan Chase & Co. now owns 16,035 shares of the utilities provider’s stock worth $596,000 after buying an additional 10,089 shares during the period. American Century Companies Inc. grew its position in Artesian Resources by 30.3% during the fourth quarter. American Century Companies Inc. now owns 17,195 shares of the utilities provider’s stock worth $544,000 after buying an additional 3,995 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Artesian Resources by 103.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 22,598 shares of the utilities provider’s stock worth $715,000 after buying an additional 11,502 shares during the period. 57.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Artesian Resources from a “hold” rating to a “buy” rating in a research report on Monday, May 5th.

Artesian Resources Trading Up 0.1%

Shares of ARTNA opened at $34.50 on Monday. The company has a current ratio of 1.22, a quick ratio of 1.07 and a debt-to-equity ratio of 0.74. The firm’s 50-day moving average is $33.19 and its two-hundred day moving average is $32.69. Artesian Resources Co. has a twelve month low of $29.45 and a twelve month high of $41.29. The firm has a market capitalization of $355.45 million, a P/E ratio of 17.69 and a beta of 0.36.

Artesian Resources (NASDAQ:ARTNA) last released its quarterly earnings results on Monday, May 5th. The utilities provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.35 by $0.18. The business had revenue of $25.89 million for the quarter, compared to analyst estimates of $25.00 million. Artesian Resources had a net margin of 18.96% and a return on equity of 8.57%. On average, research analysts predict that Artesian Resources Co. will post 1.92 earnings per share for the current fiscal year.

Artesian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Friday, May 16th will be given a $0.3074 dividend. The ex-dividend date is Friday, May 16th. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.30. This represents a $1.23 annualized dividend and a dividend yield of 3.56%. Artesian Resources’s dividend payout ratio is currently 57.69%.

Artesian Resources Profile

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware.