York Water Co (NASDAQ:YORW) director Steven Rasmussen recently acquired additional shares of the company. According to a filing with the Securities and Exchange Commission, Rasmussen purchased 28.04 shares at an average price of $35.6635 per share, bringing the total transaction value to approximately $1,000. Following this purchase, Rasmussen now holds a total of 4,271.916 shares, including those 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 composition. Ernest J. Waters (NYSE:WAT), a long-standing member of the board, retired after a tenure of 17 years, adhering to the company's retirement policy. His association with the company will continue in the capacity of Director Emeritus.
Simultaneously, the company has welcomed a new independent director, Mr. Robert F. Lambert, effective from September 1, 2024. Currently serving as the president of York County Libraries, Lambert's vast experience is expected to provide valuable insights and guidance to the company. He will also serve on the Board's Audit Committee until the 2025 Annual Meeting of Shareholders.
These recent developments underscore The York Water Company's commitment to corporate governance standards, transparency, and regulatory compliance. Further announcements regarding board composition and any subsequent appointments are anticipated in due course.
InvestingPro Insights
York Water Co's recent insider buying activity aligns with several interesting financial metrics and trends revealed by InvestingPro data. The company's stock is currently trading near its 52-week low, which may have influenced Director Rasmussen's decision to increase his stake. This could be seen as a vote of confidence in the company's future prospects.
York Water Co boasts an impressive track record of dividend payments, having maintained them for 51 consecutive years, with 27 years of consecutive dividend increases. This commitment to shareholder returns is reflected in the current dividend yield of 2.38%. The company's ability to sustain and grow its dividend is supported by its strong financial performance, with a gross profit margin of 73.97% for the last twelve months as of Q3 2023.
Despite these positive indicators, investors should note that York Water Co is trading at a relatively high revenue valuation multiple. This suggests that the market may already be pricing in expectations for future growth. The company's P/E ratio of 24.1 (adjusted for the last twelve months as of Q3 2023) is above the industry average, indicating that investors are willing to pay a premium for York Water Co's shares.
For those interested in a deeper analysis, InvestingPro offers additional insights with 7 more tips available for York Water Co. These tips could provide valuable context for understanding the company's financial health and market position.
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