Bank of America Corp DE cut its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 20.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,360 shares of the utilities provider's stock after selling 27,648 shares during the period. Bank of America Corp DE owned 0.18% of California Water Service Group worth $4,867,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of California Water Service Group in the 4th quarter worth $37,998,000. Vanguard Group Inc. raised its stake in shares of California Water Service Group by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 7,514,709 shares of the utilities provider's stock valued at $340,642,000 after acquiring an additional 158,295 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in California Water Service Group by 91.0% in the 4th 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 boosted its holdings in California Water Service Group by 13.1% in the fourth quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider's stock valued at $44,384,000 after acquiring an additional 113,622 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of California Water Service Group by 21.2% during the 4th quarter. Bank of New York Mellon Corp now owns 634,179 shares of the utilities provider's stock valued at $28,747,000 after purchasing an additional 110,962 shares in the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.
California Water Service Group Stock Up 0.8%
Shares of NYSE:CWT traded up $0.38 during midday trading on Friday, reaching $47.25. The company's stock had a trading volume of 398,940 shares, compared to its average volume of 332,403. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $48.50 and a 200-day moving average of $47.21. The firm has a market capitalization of $2.81 billion, a P/E ratio of 13.66, a PEG ratio of 0.46 and a beta of 0.70. California Water Service Group has a 12-month low of $41.64 and a 12-month high of $56.25.
California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $0.22 EPS for the quarter, topping the consensus estimate of $0.16 by $0.06. The business had revenue of $203.97 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $1.21 earnings per share. On average, research analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current year.
California Water Service Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 12th were given a $0.30 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.54%. California Water Service Group's dividend payout ratio is currently 52.63%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on CWT. 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 note on Friday, May 2nd. Wall Street Zen lowered California Water Service Group from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Finally, Seaport Res Ptn upgraded California Water Service Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th.
Read Our Latest Research Report on CWT
About California Water Service Group
(
Free Report)
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.
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