The Manufacturers Life Insurance Company Invests $26.86 Million in Unitil Corporation $UTL

The Manufacturers Life Insurance Company bought a new position in Unitil Corporation (NYSE:UTL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 509,855 shares of the utilities provider’s stock, valued at approximately $26,864,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Allworth Financial LP acquired a new position in Unitil during the second quarter valued at $25,000. International Assets Investment Management LLC purchased a new stake in Unitil in the 4th quarter worth about $26,000. Larson Financial Group LLC acquired a new stake in Unitil during the 4th quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Unitil during the 3rd quarter worth about $29,000. Finally, Bessemer Group Inc. grew its stake in Unitil by 196.1% during the 1st quarter. Bessemer Group Inc. now owns 610 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 404 shares in the last quarter. Hedge funds and other institutional investors own 76.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on UTL shares. Freedom Capital downgraded Unitil from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Wells Fargo & Company began coverage on shares of Unitil in a report on Monday, May 11th. They set an “equal weight” rating and a $56.00 price target for the company. Finally, Weiss Ratings raised shares of Unitil from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $56.50.

Unitil Price Performance

UTL opened at $53.45 on Friday. The stock has a market cap of $974.77 million, a price-to-earnings ratio of 16.86 and a beta of 0.31. Unitil Corporation has a 1 year low of $44.61 and a 1 year high of $57.26. The company has a current ratio of 0.49, a quick ratio of 0.45 and a debt-to-equity ratio of 1.06. The stock has a fifty day moving average price of $53.67 and a 200 day moving average price of $52.56.

Unitil (NYSE:UTL) last issued its earnings results on Monday, August 3rd. The utilities provider reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. Unitil had a return on equity of 9.53% and a net margin of 9.49%.The firm had revenue of $113.19 million for the quarter, compared to the consensus estimate of $113.19 million. Analysts forecast that Unitil Corporation will post 3.31 EPS for the current fiscal year.

Unitil Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, August 17th. Unitil’s payout ratio is currently 59.94%.

Unitil Company Profile

Unitil Corporation (NYSE: UTL) is a publicly traded energy delivery company that provides regulated electric and natural gas distribution services. The company delivers energy to residential, commercial and industrial customers through a network of distribution systems, offering safe and reliable service across its service areas. Unitil’s operations include system maintenance, emergency response, meter reading and customer support functions, all governed by state regulatory commissions.

Headquartered in Hampton, New Hampshire, Unitil serves communities in New Hampshire, Massachusetts and Maine.