Bank of America Corp DE Has $5.53 Million Stock Holdings in California Water Service Group $CWT

Key Points

• Bank of America increased its California Water Service Group stake by 23% in the first quarter, owning 121,899 shares valued at approximately $5.53 million. Institutional investors collectively hold 82.78% of the company.
• California Water Service Group reported quarterly EPS of $0.93, beating estimates of $0.80, while revenue rose 16.5% year over year to $308.6 million. Analysts expect full-year EPS of $2.57.
• The company pays a quarterly dividend of $0.335 per share, equivalent to a 2.7% yield, while analysts maintain an overall “Hold” rating with an average price target of $54.

Bank of America Corp DE grew its holdings in California Water Service Group (NYSE:CWT - Free Report) by 23.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 121,899 shares of the utilities provider's stock after purchasing an additional 22,825 shares during the period. Bank of America Corp DE owned approximately 0.20% of California Water Service Group worth $5,527,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Danske Bank A S bought a new position in shares of California Water Service Group in the third quarter worth about $28,000. EverSource Wealth Advisors LLC increased its position in California Water Service Group by 109.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider's stock worth $32,000 after purchasing an additional 365 shares in the last quarter. Bessemer Group Inc. increased its position in California Water Service Group by 67.9% during the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider's stock worth $34,000 after purchasing an additional 301 shares in the last quarter. Advisory Services Network LLC bought a new position in California Water Service Group in the 3rd quarter valued at approximately $44,000. Finally, CIBC Private Wealth Group LLC lifted its stake in California Water Service Group by 1,475.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,150 shares of the utilities provider's stock valued at $53,000 after purchasing an additional 1,077 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company's stock.

California Water Service Group Stock Performance

Shares of California Water Service Group stock opened at $50.07 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81. California Water Service Group has a twelve month low of $41.29 and a twelve month high of $53.82. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 22.55, a P/E/G ratio of 1.78 and a beta of 0.50. The company's fifty day moving average is $49.77 and its 200 day moving average is $46.69.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $308.60 million during the quarter, compared to analyst estimates of $283.50 million. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.California Water Service Group's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. Sell-side analysts forecast that California Water Service Group will post 2.57 EPS for the current year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, August 10th. California Water Service Group's dividend payout ratio (DPR) is 60.36%.

Insider Activity

In related news, Director Thomas M. Krummel sold 3,700 shares of California Water Service Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total value of $186,369.00. Following the transaction, the director directly owned 20,104 shares of the company's stock, valued at $1,012,638.48. The trade was a 15.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.78% of the stock is owned by company insiders.

Analysts Set New Price Targets

CWT has been the topic of a number of research reports. Robert W. Baird set a $54.00 target price on shares of California Water Service Group in a research note on Friday, May 1st. Wall Street Zen raised California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Seaport Research Partners restated a "buy" rating and set a $53.00 price objective on shares of California Water Service Group in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised California Water Service Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $54.00.

California Water Service Group Profile

California Water Service Group NYSE: CWT is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.

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