Ameriprise Financial Inc. Trims Stock Holdings in California Water Service Group (NYSE:CWT)

Ameriprise Financial Inc. reduced its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,767 shares of the utilities provider's stock after selling 11,100 shares during the quarter. Ameriprise Financial Inc. owned 0.25% of California Water Service Group worth $6,789,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Parkworth Wealth Management Inc. bought a new position in California Water Service Group in the fourth quarter valued at about $50,000. Sterling Capital Management LLC raised its position in shares of California Water Service Group by 785.8% during the fourth quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider's stock worth $65,000 after purchasing an additional 1,273 shares during the period. Federated Hermes Inc. raised its position in California Water Service Group by 27.6% in the 4th quarter. Federated Hermes Inc. now owns 1,969 shares of the utilities provider's stock valued at $89,000 after buying an additional 426 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in California Water Service Group in the 4th quarter valued at approximately $102,000. Finally, GeoWealth Management LLC acquired a new stake in California Water Service Group in the 4th quarter valued at approximately $124,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CWT shares. Wells Fargo & Company raised their price target on California Water Service Group from $54.00 to $59.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Seaport Res Ptn raised California Water Service Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Finally, Wall Street Zen lowered California Water Service Group from a "hold" rating to a "sell" rating in a research report on Saturday.

California Water Service Group Price Performance

Shares of NYSE CWT traded down $0.25 during trading hours on Wednesday, reaching $46.80. 13,955 shares of the stock traded hands, compared to its average volume of 331,302. California Water Service Group has a 52-week low of $41.64 and a 52-week high of $56.25. 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 company's 50-day simple moving average is $48.44 and its two-hundred day simple moving average is $47.27. The company has a market capitalization of $2.79 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 0.46 and a beta of 0.70.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. The firm had revenue of $203.97 million for the quarter, compared to analysts' expectations of $194.80 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The business's revenue was down 24.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 earnings per share. Equities research analysts forecast that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 12th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend was Monday, May 12th. California Water Service Group's dividend payout ratio (DPR) is presently 52.63%.

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.