Artesian Resources Corporation (NASDAQ:ARTNA) to Issue $0.31 Quarterly Dividend

Artesian Resources Corporation (NASDAQ:ARTNA) declared a quarterly dividend on Monday, February 2nd. Shareholders of record on Friday, February 13th will be paid a dividend of 0.3136 per share by the utilities provider on Wednesday, February 25th. This represents a c) annualized dividend and a yield of 3.8%. The ex-dividend date is Friday, February 13th.

Artesian Resources has increased its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 8 years. Artesian Resources has a dividend payout ratio of 56.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Artesian Resources to earn $2.00 per share next year, which means the company should continue to be able to cover its $1.25 annual dividend with an expected future payout ratio of 62.5%.

Artesian Resources Price Performance

Shares of NASDAQ ARTNA opened at $33.09 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70. The company’s 50-day moving average price is $32.15 and its 200 day moving average price is $32.58. Artesian Resources has a 52 week low of $29.97 and a 52 week high of $36.19. The stock has a market cap of $341.16 million, a price-to-earnings ratio of 15.11 and a beta of 0.36.

Hedge Funds Weigh In On Artesian Resources

A number of institutional investors have recently added to or reduced their stakes in ARTNA. Prospera Financial Services Inc acquired a new stake in Artesian Resources during the second quarter valued at approximately $2,034,000. Roffman Miller Associates Inc. PA lifted its stake in Artesian Resources by 17.5% in the second quarter. Roffman Miller Associates Inc. PA now owns 107,275 shares of the utilities provider’s stock valued at $3,600,000 after buying an additional 15,981 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Artesian Resources by 24.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,547 shares of the utilities provider’s stock valued at $1,260,000 after purchasing an additional 7,402 shares during the period. CSM Advisors LLC acquired a new position in shares of Artesian Resources during the second quarter valued at $1,005,000. Finally, Legal & General Group Plc raised its position in shares of Artesian Resources by 14.3% during the 2nd quarter. Legal & General Group Plc now owns 142,048 shares of the utilities provider’s stock worth $4,767,000 after buying an additional 17,752 shares in the last quarter. Institutional investors and hedge funds own 57.37% of the company’s stock.

About Artesian Resources

Artesian Resources Corporation (NASDAQ: ARTNA) is a publicly traded water and wastewater utility company headquartered in Wilmington, Delaware. The company provides regulated water distribution and wastewater collection services to residential, commercial and industrial customers. Through its operating subsidiaries, Artesian is subject to oversight by public utility commissions in Delaware, Maryland and Pennsylvania, ensuring the delivery of safe, high-quality water in compliance with state and federal standards.

Traced back to its roots as the Artesian Water Company founded in 1905, the organization has expanded its footprint through a combination of organic growth and strategic acquisitions.