York Water Co (NASDAQ:YORW) Chief Administrative Officer and General Counsel, Alexandra Chiaruttini, has recently acquired additional shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Chiaruttini purchased 36.663 shares at an average price of $35.46 per share, amounting to a total transaction value of approximately $1,300. Following this acquisition, Chiaruttini now holds 3,458.076 shares, which includes shares acquired through the company's dividend reinvestment plan.
In other recent news, The York Water Company (NASDAQ:YORW) has seen significant changes in its Board of Directors. Ernest J. Waters (NYSE:WAT), a longstanding board member, has retired after serving for over 17 years, in line with the company's retirement policy. Waters' association with the company will continue in the role of Director Emeritus.
These recent developments also include the appointment of a new independent director, Robert F. Lambert, effective from September 1, 2024. Lambert, who currently holds positions at York County Libraries, Traditions Bank, and Capital Blue Cross, is expected to bring valuable insights to the company. His term will end at the 2025 Annual Meeting of Shareholders, and he will also serve on the Board's Audit Committee.
The company has yet to announce a successor to Waters or detail any changes to the Audit Committee following his retirement. Investors can anticipate further announcements regarding board composition and subsequent appointments. These changes reflect The York Water Company's commitment to corporate governance standards and regulatory compliance.
InvestingPro Insights
York Water Co's recent insider purchase by Chief Administrative Officer Alexandra Chiaruttini aligns with the company's strong financial position and commitment to shareholder value. According to InvestingPro data, York Water boasts a market capitalization of $546.33 million and has demonstrated impressive revenue growth of 12.52% over the last twelve months as of Q2 2024.
The company's financial health is further underscored by its robust gross profit margin of 74.31%, reflecting efficient operations and cost management. This aligns with one of the InvestingPro Tips, which highlights York Water's "impressive gross profit margins."
Notably, York Water has a strong track record of dividend payments, which may have influenced Chiaruttini's decision to increase her stake. An InvestingPro Tip reveals that the company "has raised its dividend for 27 consecutive years" and "has maintained dividend payments for 51 consecutive years." This commitment to shareholder returns is reflected in the current dividend yield of 2.22%.
While the company's P/E ratio of 23.76 suggests a premium valuation, it's worth noting that York Water has been "profitable over the last twelve months," according to another InvestingPro Tip. This profitability, combined with the company's consistent dividend growth, may justify the higher valuation multiples.
Investors seeking a more comprehensive analysis can access additional insights through InvestingPro, which offers 7 more tips for York Water Co.
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