Bank of America Corp DE Makes New $6.51 Million Investment in California Water Service Group $CWT

Key Points

• Bank of America acquired 133,752 shares of California Water Service Group in the second quarter, worth approximately $6.51 million and representing about 0.22% of the company. Institutional investors collectively own 82.78% of CWT.
• California Water Service Group reported quarterly earnings of $0.93 per share, exceeding estimates of $0.80, while revenue rose 16.5% year over year to $308.6 million. The company maintains a quarterly dividend of $0.335, equivalent to a 2.9% yield.
• CWT shares opened at $46.10, compared with a 12-month range of $41.29 to $53.82. Analysts have a consensus “Hold” rating and a $54.00 average price target.

Bank of America Corp DE bought a new position in California Water Service Group (NYSE:CWT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 133,752 shares of the utilities provider's stock, valued at approximately $6,507,000. Bank of America Corp DE owned approximately 0.22% of California Water Service Group at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CWT. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in California Water Service Group during the second quarter worth about $33,000. Versant Capital Management Inc lifted its position in shares of California Water Service Group by 228.2% during the 2nd quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider's stock worth $33,000 after buying an additional 470 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of California Water Service Group by 67.9% in the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider's stock worth $34,000 after buying an additional 301 shares during the last quarter. Kelly Lawrence W & Associates Inc. CA purchased a new position in shares of California Water Service Group in the 2nd quarter worth approximately $49,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of California Water Service Group by 100.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,209 shares of the utilities provider's stock valued at $55,000 after acquiring an additional 606 shares in the last quarter. 82.78% of the stock is owned by institutional investors.

Insider Transactions at California Water Service Group

In other news, Director Lester Snow sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $50.21, for a total value of $25,105.00. Following the completion of the transaction, the director directly owned 17,817 shares in the company, valued at approximately $894,591.57. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Krummel sold 3,700 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $50.37, for a total transaction of $186,369.00. Following the transaction, the director directly owned 20,104 shares of the company's stock, valued at approximately $1,012,638.48. This represents a 15.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.78% of the stock is owned by insiders.

California Water Service Group Stock Performance

NYSE CWT opened at $46.10 on Monday. The firm has a market cap of $2.85 billion, a P/E ratio of 20.77, a price-to-earnings-growth ratio of 1.64 and a beta of 0.50. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81. The company's 50 day moving average is $49.58 and its 200-day moving average is $47.10. California Water Service Group has a 12-month low of $41.29 and a 12-month high of $53.82.

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

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a $0.3350 dividend. The ex-dividend date was Monday, August 10th. This represents a $1.34 annualized dividend and a yield of 2.9%. California Water Service Group's dividend payout ratio (DPR) is currently 60.36%.

Analyst Ratings Changes

A number of brokerages recently commented on CWT. Freedom Broker upgraded California Water Service Group to a "hold" rating in a report on Wednesday, September 23rd. Seaport Research Partners restated a "buy" rating and issued a $53.00 price objective on shares of California Water Service Group in a research note on Wednesday, August 12th. Weiss Ratings raised California Water Service Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen upgraded California Water Service Group from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $54.00.

California Water Service Group Profile

California Water Service Group NYSE: CWT is a water utility holding company that provides regulated water service to residential, commercial, industrial and public-sector customers. Its operating companies collect, treat, test and distribute drinking water through local water systems, while also maintaining the wells, reservoirs, treatment facilities, pipelines and other infrastructure needed to deliver reliable service.

The company operates primarily through California Water Service Company, along with subsidiaries serving customers in Hawaii, New Mexico and Washington.

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