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Joseph Thomas Hand, the CEO and President of York Water Co (NASDAQ:YORW), recently acquired additional shares in the company, according to a filing with the Securities and Exchange Commission. On October 16, Hand purchased 274.972 shares of common stock at an average price of $35.4588 per share, totaling approximately $9,750. This transaction increases his direct ownership to 33,185.3976 shares. Additionally, Hand holds 97.101 shares indirectly, attributed to ownership by a child, as noted in the filing. These transactions include 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. After serving for over 17 years, Ernest J. Waters (NYSE:WAT) has retired in line with the company's retirement policy. His contributions, particularly to the Audit Committee, have been noteworthy. The company has yet to announce any changes to the Audit Committee or a successor to Waters.
Simultaneously, The York Water Company has welcomed a new independent director, Robert F. Lambert. Known for his current role as the president of York County Libraries and directorship positions at Traditions Bank and Capital Blue Cross, Lambert's appointment is expected to bring valuable insights and guidance to the company. He will also serve on the Board's Audit Committee, with his term expiring at the 2025 Annual Meeting of Shareholders.
These recent developments reflect The York Water Company's commitment to corporate governance standards and regulatory compliance. Further announcements regarding board composition and subsequent appointments are anticipated.
InvestingPro Insights
Joseph Thomas Hand's recent purchase of York Water Co (NASDAQ:YORW) shares aligns with the company's strong financial position and consistent dividend history. 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.
An InvestingPro Tip highlights that York Water has raised its dividend for 27 consecutive years, underscoring the company's commitment to shareholder returns. This is particularly noteworthy given the CEO's recent stock acquisition and participation in the dividend reinvestment plan. The current dividend yield stands at 2.22%, with a dividend growth rate of 4.0% over the last twelve months.
Another InvestingPro Tip reveals that York Water has maintained dividend payments for an impressive 51 consecutive years, further emphasizing the company's financial stability and long-term value proposition for investors. This track record of consistent dividends may have influenced Hand's decision to increase his stake in the company.
York Water's financial health is also reflected in its robust gross profit margin of 74.31% for the last twelve months as of Q2 2024, indicating efficient operations and strong pricing power in its market. The company's P/E ratio of 23.76 suggests that investors are willing to pay a premium for its shares, possibly due to its consistent performance and dividend history.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and analysis on York Water Co. Currently, there are 7 more InvestingPro Tips available for YORW, providing a deeper understanding of the company's financial position and market performance.
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