Steven R. Rasmussen, a director at York Water Co (NASDAQ:YORW), has acquired shares worth approximately $1,000. The transaction, dated October 21, involved the purchase of 26.714 shares at an average price of $37.4336 per share. Following this acquisition, Rasmussen now holds a total of 4,243.876 shares. The shares acquired were part of The York Water Company (NASDAQ:YORW)'s dividend reinvestment plan.
In other recent news, The York Water Company disclosed significant changes in its board composition. A recent Securities and Exchange Commission filing announced the retirement of Ernest J. Waters (NYSE:WAT) from the Board of Directors, after serving the company for over 17 years, particularly as a member of the Audit Committee. Waters' retirement aligns with the company's retirement policy, emphasizing its commitment to corporate governance standards.
Simultaneously, The York Water Company appointed Mr. Robert F. Lambert as a new independent director, effective from September 1, 2024. Lambert, currently serving as the president of York County Libraries and holding directorship roles at Traditions Bank and Capital Blue Cross, is expected to bring valuable insights and guidance to the company. He will also serve on the Board's Audit Committee until his term expires at the 2025 Annual Meeting of Shareholders.
These recent developments highlight The York Water Company's dedication to transparency, regulatory compliance, and board renewal. However, the company has not yet revealed any successor to Waters or changes in the Audit Committee following his retirement. Investors and stakeholders may anticipate further announcements regarding board composition and subsequent appointments.
InvestingPro Insights
York Water Co (NASDAQ:YORW) continues to attract investor attention, as evidenced by director Steven R. Rasmussen's recent share acquisition. This purchase aligns with the company's strong dividend history, which is a key feature highlighted by InvestingPro Tips. York Water has raised its dividend for an impressive 27 consecutive years and has maintained dividend payments for 51 consecutive years, showcasing its commitment to shareholder returns.
The company's financial health is further underscored by its impressive gross profit margins, which stand at 74.31% for the last twelve months as of Q2 2024, according to InvestingPro Data. This robust profitability metric suggests efficient operations and strong pricing power in its market.
However, investors should note that YORW is trading at a relatively high P/E ratio of 23.29, which may indicate that the stock is priced at a premium compared to its near-term earnings growth potential. This valuation consideration is particularly relevant given the company's modest revenue of $73.24 million over the last twelve months.
For those interested in a deeper analysis, InvestingPro offers additional tips and insights that could provide valuable context for York Water's financial position and market performance. Currently, there are 5 more InvestingPro Tips available for YORW, which could offer further guidance for potential investors considering the stock's long-term prospects.
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