California Water Service Group (NYSE:CWT) to Issue $0.30 Quarterly Dividend

Key Points

• California Water Service Group has declared a quarterly dividend of $0.30 per share, with an annualized yield of 2.6%, payable on August 22nd to stockholders of record as of August 11th.
• The company reported $0.71 earnings per share for the last quarter, surpassing expectations by $0.25, and achieved a revenue of $264.95 million, which was above estimates.
• California Water Service Group has a current dividend payout ratio of 47.1% and is projected to maintain a future payout ratio of 51.7%, indicating a strong capacity to cover its annual dividend.

California Water Service Group (NYSE:CWT - Get Free Report) declared a quarterly dividend on Thursday, July 31st, Wall Street Journal reports. Shareholders of record on Monday, August 11th will be given a dividend of 0.30 per share by the utilities provider on Friday, August 22nd. This represents a c) annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, August 11th.

California Water Service Group has a dividend payout ratio of 47.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect California Water Service Group to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 51.7%.

California Water Service Group Price Performance

California Water Service Group stock traded up $1.04 during mid-day trading on Friday, hitting $46.51. The company's stock had a trading volume of 627,834 shares, compared to its average volume of 324,867. The company has a quick ratio of 0.49, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $2.77 billion, a P/E ratio of 20.31, a P/E/G ratio of 2.24 and a beta of 0.66. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The stock's fifty day moving average price is $45.98 and its two-hundred day moving average price is $46.66.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.25. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The firm had revenue of $264.95 million for the quarter, compared to analyst estimates of $238.20 million. During the same quarter in the previous year, the business posted $0.70 earnings per share. The firm's quarterly revenue was up 8.5% compared to the same quarter last year. Research analysts forecast that California Water Service Group will post 3.15 earnings per share for the current year.

Insider Activity

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the sale, the director owned 26,349 shares of the company's stock, valued at $1,225,491.99. This trade represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.77% of the stock is owned by company insiders.

Institutional Investors Weigh In On California Water Service Group

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc raised its holdings in shares of California Water Service Group by 751.3% during the 1st quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 601 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of California Water Service Group during the 1st quarter valued at $34,000. Whittier Trust Co. bought a new position in shares of California Water Service Group during the 2nd quarter valued at $36,000. Signaturefd LLC raised its holdings in shares of California Water Service Group by 130.1% during the 2nd quarter. Signaturefd LLC now owns 1,397 shares of the utilities provider's stock valued at $64,000 after purchasing an additional 790 shares in the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of California Water Service Group by 785.8% during the 4th quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider's stock valued at $65,000 after purchasing an additional 1,273 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company's stock.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.