DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Reduces Stock Position in California Water Service Group (NYSE:CWT)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main decreased its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 37.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,830 shares of the utilities provider's stock after selling 5,900 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main's holdings in California Water Service Group were worth $446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Parkworth Wealth Management Inc. bought a new position in California Water Service Group in the fourth quarter worth approximately $50,000. Sterling Capital Management LLC raised its position in California Water Service Group by 785.8% in the fourth quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider's stock worth $65,000 after acquiring an additional 1,273 shares during the period. Federated Hermes Inc. raised its position in California Water Service Group by 27.6% in the fourth quarter. Federated Hermes Inc. now owns 1,969 shares of the utilities provider's stock worth $89,000 after acquiring an additional 426 shares during the period. Millstone Evans Group LLC bought a new position in California Water Service Group in the fourth quarter worth approximately $102,000. Finally, GeoWealth Management LLC bought a new position in California Water Service Group in the fourth quarter worth approximately $124,000. Institutional investors own 82.78% of the company's stock.

Wall Street Analyst Weigh In

CWT has been the topic of several recent research reports. StockNews.com upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a research report on Friday, April 11th. Wells Fargo & Company increased their price target on shares of California Water Service Group from $54.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, Seaport Res Ptn raised shares of California Water Service Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th.

California Water Service Group Price Performance

Shares of NYSE CWT traded up $1.51 during midday trading on Thursday, reaching $46.18. The stock had a trading volume of 419,966 shares, compared to its average volume of 331,407. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 0.46 and a beta of 0.70. The stock has a 50-day moving average of $48.40 and a 200-day moving average of $47.55. California Water Service Group has a 12-month low of $41.64 and a 12-month high of $56.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. The company had revenue of $203.97 million during the quarter, compared to analysts' expectations of $194.80 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. California Water Service Group's quarterly revenue was down 24.7% on a year-over-year basis. During the same period last year, the company posted $1.21 earnings per share. As a group, research analysts anticipate that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 12th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $1.20 annualized dividend and a yield of 2.60%. California Water Service Group's payout ratio is 52.63%.

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.