Allianz Asset Management GmbH Increases Position in California Water Service Group (NYSE:CWT)

Allianz Asset Management GmbH boosted its stake in California Water Service Group (NYSE:CWT - Free Report) by 486.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,782 shares of the utilities provider's stock after purchasing an additional 29,682 shares during the period. Allianz Asset Management GmbH owned approximately 0.06% of California Water Service Group worth $1,734,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in California Water Service Group during the fourth quarter valued at $37,998,000. Vanguard Group Inc. raised its stake in shares of California Water Service Group by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 7,514,709 shares of the utilities provider's stock worth $340,642,000 after buying an additional 158,295 shares during the period. JPMorgan Chase & Co. raised its stake in shares of California Water Service Group by 91.0% in the fourth quarter. JPMorgan Chase & Co. now owns 308,704 shares of the utilities provider's stock worth $13,994,000 after buying an additional 147,043 shares during the period. Northern Trust Corp lifted its position in shares of California Water Service Group by 13.1% during the 4th quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider's stock valued at $44,384,000 after buying an additional 113,622 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. bought a new position in shares of California Water Service Group during the 4th quarter valued at approximately $4,763,000. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at California Water Service Group

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

Analysts Set New Price Targets

Several research firms recently issued reports on CWT. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday. 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. Finally, Wells Fargo & Company lowered their price target on California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a report on Friday.

California Water Service Group Price Performance

CWT traded up $1.04 during trading hours 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 current ratio of 0.53, a quick ratio of 0.49 and a debt-to-equity ratio of 0.67. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $56.25. The business's 50-day moving average price is $45.98 and its 200-day moving average price is $46.68. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 20.31, a P/E/G ratio of 2.29 and a beta of 0.66.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $264.95 million for the quarter, compared to analysts' expectations of $238.20 million. During the same quarter in the previous year, the business posted $0.70 earnings per share. The business's revenue was up 8.5% compared to the same quarter last year. Sell-side analysts expect that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Monday, August 11th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. California Water Service Group's dividend payout ratio is currently 52.40%.

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.