Deutsche Bank AG Sells 6,835 Shares of California Water Service Group $CWT

Key Points

• Deutsche Bank AG reduced its stake in California Water Service Group by 5.7%, selling 6,835 shares and maintaining ownership of 113,069 shares worth approximately $5.48 million.
• California Water Service Group posted a quarterly EPS of $0.71, exceeding analyst expectations of $0.46, along with a revenue of $264.95 million, which was higher than the estimated $238.20 million.
• The company announced a quarterly dividend of $0.30 per share, which will be paid on August 22, reflecting a yield of 2.6% based on an annualized dividend of $1.20.

Deutsche Bank AG cut its stake in California Water Service Group (NYSE:CWT - Free Report) by 5.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,069 shares of the utilities provider's stock after selling 6,835 shares during the quarter. Deutsche Bank AG owned about 0.19% of California Water Service Group worth $5,479,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CWT. LPL Financial LLC raised its holdings in California Water Service Group by 10.9% in the 4th quarter. LPL Financial LLC now owns 21,540 shares of the utilities provider's stock worth $976,000 after purchasing an additional 2,116 shares in the last quarter. Wells Fargo & Company MN raised its holdings in California Water Service Group by 8.6% in the 4th quarter. Wells Fargo & Company MN now owns 62,044 shares of the utilities provider's stock worth $2,812,000 after purchasing an additional 4,903 shares in the last quarter. Federated Hermes Inc. raised its holdings 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 worth $89,000 after purchasing an additional 426 shares in the last quarter. Renaissance Technologies LLC bought a new position in California Water Service Group in the 4th quarter worth $2,085,000. Finally, Raymond James Financial Inc. bought a new position in California Water Service Group in the 4th quarter worth $4,704,000. 82.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Lester A. Snow sold 1,200 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $46.51, for a total transaction of $55,812.00. Following the sale, the director directly owned 26,349 shares of the company's stock, valued at approximately $1,225,491.99. This represents a 4.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $56.00.

California Water Service Group Stock Up 0.2%

Shares of NYSE:CWT traded up $0.0950 during midday trading on Thursday, reaching $46.7850. The company's stock had a trading volume of 230,477 shares, compared to its average volume of 345,799. California Water Service Group has a 12-month low of $41.64 and a 12-month high of $56.25. The firm has a 50 day moving average of $46.01 and a 200-day moving average of $46.88. The firm has a market capitalization of $2.79 billion, a P/E ratio of 20.43, a PEG ratio of 2.23 and a beta of 0.66. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.71 EPS for the quarter, beating the consensus estimate of $0.46 by $0.25. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The company had revenue of $264.95 million for the quarter, compared to the consensus estimate of $238.20 million. During the same period in the prior year, the firm posted $0.70 EPS. California Water Service Group's revenue for the quarter was up 8.5% on a year-over-year basis. 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 11th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 11th. California Water Service Group's dividend payout ratio is 52.40%.

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.