First National Corp MA ADV Trims Position in California Water Service Group $CWT

Key Points

• First National Corp MA ADV has reduced its stake in California Water Service Group by 21.9%, now owning about $1.75 million worth of the stock.
• The utility provider reported $0.71 EPS for the latest quarter, exceeding analysts' estimates by $0.25, and its revenue increased by 8.5% year-over-year.
• California Water Service Group's recent quarterly dividend was $0.30 per share, representing an annualized yield of 2.7% with a payout ratio of 52.40%.

First National Corp MA ADV reduced its stake in California Water Service Group (NYSE:CWT - Free Report) by 21.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,366 shares of the utilities provider's stock after selling 10,787 shares during the period. First National Corp MA ADV owned about 0.06% of California Water Service Group worth $1,745,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Raymond James Financial Inc. increased its stake in California Water Service Group by 204.2% in the 1st quarter. Raymond James Financial Inc. now owns 315,685 shares of the utilities provider's stock worth $15,298,000 after purchasing an additional 211,914 shares during the period. Jupiter Asset Management Ltd. purchased a new position in California Water Service Group in the 1st quarter worth approximately $5,461,000. Deutsche Bank AG increased its stake in California Water Service Group by 16.3% in the 4th quarter. Deutsche Bank AG now owns 119,904 shares of the utilities provider's stock worth $5,435,000 after purchasing an additional 16,786 shares during the period. Hsbc Holdings PLC increased its stake in California Water Service Group by 61.6% in the 1st quarter. Hsbc Holdings PLC now owns 16,962 shares of the utilities provider's stock worth $826,000 after purchasing an additional 6,463 shares during the period. Finally, Ieq Capital LLC increased its stake in California Water Service Group by 178.3% in the 1st quarter. Ieq Capital LLC now owns 12,430 shares of the utilities provider's stock worth $602,000 after purchasing an additional 7,963 shares during the period. 82.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CWT shares. Wells Fargo & Company decreased their price target on California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Wall Street Zen raised California Water Service Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $56.00.

California Water Service Group Stock Down 0.4%

California Water Service Group stock traded down $0.20 during mid-day trading on Friday, hitting $45.41. The company had a trading volume of 945,005 shares, compared to its average volume of 264,378. The company has a current ratio of 0.53, a quick ratio of 0.50 and a debt-to-equity ratio of 0.67. The stock's 50 day moving average price is $46.13 and its two-hundred day moving average price is $47.02. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $54.75. The company has a market capitalization of $2.71 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 2.18 and a beta of 0.69.

California Water Service Group (NYSE:CWT - Get Free Report) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.46 by $0.25. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%.The business had revenue of $264.95 million for the quarter, compared to the consensus estimate of $238.20 million. During the same period in the previous year, the company posted $0.70 earnings per share. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group's dividend payout ratio is presently 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.