Global Water Resources, Inc. Declares Monthly Dividend of $0.03 (NASDAQ:GWRS)

Global Water Resources, Inc. (NASDAQ:GWRS) announced a monthly dividend on Monday, August 31st. Stockholders of record on Wednesday, September 16th will be given a dividend of 0.0253 per share by the utilities provider on Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 16th.

Global Water Resources has decreased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 8 consecutive years. Global Water Resources has a dividend payout ratio of 107.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Global Water Resources to earn $0.13 per share next year, which means the company may not be able to cover its $0.30 annual dividend with an expected future payout ratio of 230.8%.

Global Water Resources Stock Up 0.8%

Shares of NASDAQ:GWRS traded up $0.07 during midday trading on Monday, hitting $9.20. The stock had a trading volume of 94,579 shares, compared to its average volume of 96,277. The company has a market cap of $264.96 million, a P/E ratio of 83.64 and a beta of 0.91. Global Water Resources has a 12 month low of $6.55 and a 12 month high of $11.17. The business’s 50-day simple moving average is $7.65 and its 200-day simple moving average is $7.65. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.62.

Global Water Resources (NASDAQ:GWRS) last posted its quarterly earnings results on Thursday, August 13th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $17.77 million for the quarter, compared to analyst estimates of $14.93 million. Global Water Resources had a net margin of 5.22% and a return on equity of 3.05%. On average, sell-side analysts forecast that Global Water Resources will post 0.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Global Water Resources

In other Global Water Resources news, Director Andrew M. Cohn bought 139,343 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were acquired at an average cost of $8.85 per share, with a total value of $1,233,185.55. Following the acquisition, the director owned 2,701,350 shares of the company’s stock, valued at $23,906,947.50. The trade was a 5.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 53.70% of the company’s stock.

Hedge Funds Weigh In On Global Water Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TSP Capital Management Group LLC grew its stake in Global Water Resources by 56.0% in the 1st quarter. TSP Capital Management Group LLC now owns 1,182,144 shares of the utilities provider’s stock valued at $8,972,000 after buying an additional 424,438 shares during the last quarter. Heartland Advisors Inc. raised its holdings in Global Water Resources by 52.6% in the 4th quarter. Heartland Advisors Inc. now owns 686,500 shares of the utilities provider’s stock valued at $5,801,000 after acquiring an additional 236,500 shares during the period. North Star Investment Management Corp. raised its holdings in Global Water Resources by 36.5% in the 1st quarter. North Star Investment Management Corp. now owns 415,448 shares of the utilities provider’s stock valued at $3,153,000 after acquiring an additional 111,000 shares during the period. Marshall Wace LLP acquired a new stake in Global Water Resources during the fourth quarter worth approximately $609,000. Finally, Bank of New York Mellon Corp acquired a new stake in Global Water Resources during the second quarter worth approximately $253,000. 27.91% of the stock is owned by institutional investors.

About Global Water Resources

Global Water Resources, Inc (NASDAQ:GWRS) is a publicly traded holding company based in Scottsdale, Arizona, specializing in the ownership and management of water and wastewater utilities. The company provides critical potable water delivery, wastewater collection and treatment, and reclaimed water services to residential, commercial and industrial customers across select communities in Central and Southern Arizona.

The company operates multiple regulated utility systems, serving communities such as Anthem, Biltmore, Florence and San Tan Valley.