Allspring Global Investments Holdings LLC Acquires 10,050 Shares of California Water Service Group (NYSE:CWT)

Allspring Global Investments Holdings LLC boosted its position in shares of California Water Service Group (NYSE:CWT - Free Report) by 113.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,946 shares of the utilities provider's stock after acquiring an additional 10,050 shares during the period. Allspring Global Investments Holdings LLC's holdings in California Water Service Group were worth $918,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CWT. Versant Capital Management Inc lifted its stake in California Water Service Group by 751.3% during the first quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock worth $33,000 after purchasing an additional 601 shares during the last quarter. Parkworth Wealth Management Inc. purchased a new position in shares of California Water Service Group in the fourth quarter worth about $50,000. Sterling Capital Management LLC increased its holdings in shares of 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 buying an additional 1,273 shares during the period. Putney Financial Group LLC purchased a new position in shares of California Water Service Group in the fourth quarter worth about $78,000. Finally, Federated Hermes Inc. grew its holdings in shares of California Water Service Group by 27.6% during the 4th 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. Hedge funds and other institutional investors own 82.78% of the company's stock.

Insider Transactions 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 completion of the sale, the director owned 26,349 shares in the company, valued at approximately $1,225,491.99. This represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wall Street Zen downgraded California Water Service Group from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Seaport Res Ptn raised California Water Service Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 11th. Finally, Wells Fargo & Company upped their price objective on California Water Service Group from $54.00 to $59.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd.

California Water Service Group Stock Performance

Shares of NYSE:CWT traded down $0.39 during midday trading on Friday, hitting $45.90. The company had a trading volume of 275,351 shares, compared to its average volume of 338,883. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.53 and a quick ratio of 0.49. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 2.28 and a beta of 0.64. California Water Service Group has a 12-month low of $41.64 and a 12-month high of $56.25. The company has a fifty day moving average of $46.64 and a two-hundred day moving average of $46.55.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. California Water Service Group had a return on equity of 8.32% and a net margin of 13.84%. The business had revenue of $203.97 million during the quarter, compared to analyst estimates of $194.80 million. During the same quarter in the prior year, the business posted $1.21 EPS. California Water Service Group's revenue for the quarter was down 24.7% compared to the same quarter last year. On average, equities research analysts expect that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 12th were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.20 dividend on an annualized basis and a yield of 2.61%. California Water Service Group's payout ratio is presently 52.63%.

California Water Service Group Company Profile

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.