Hsbc Holdings PLC Boosts Stake in California Water Service Group $CWT

Key Points

• Hsbc Holdings PLC increased its stake in California Water Service Group by 61.6%, owning 16,962 shares valued at approximately $826,000 as of its latest SEC filing.
• The company reported $0.71 EPS for the quarter, exceeding expectations, and saw an 8.5% revenue increase year-over-year.
• California Water Service Group announced a quarterly dividend of $0.30, representing a 2.6% yield and a payout ratio of 52.40%.

Hsbc Holdings PLC increased its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 61.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,962 shares of the utilities provider's stock after acquiring an additional 6,463 shares during the period. Hsbc Holdings PLC's holdings in California Water Service Group were worth $826,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Versant Capital Management Inc grew its holdings in California Water Service Group by 751.3% in the first quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 601 shares during the period. Banque Cantonale Vaudoise acquired a new stake in California Water Service Group in the first quarter valued at approximately $34,000. Mather Group LLC. acquired a new stake in California Water Service Group in the first quarter valued at approximately $74,000. Putney Financial Group LLC acquired a new stake in California Water Service Group in the fourth quarter valued at approximately $78,000. Finally, Spirit of America Management Corp NY acquired a new stake in California Water Service Group in the first quarter valued at approximately $97,000. 82.78% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $46.51, for a total value of $55,812.00. Following the sale, the director owned 26,349 shares in the company, valued at $1,225,491.99. The trade was a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is owned by corporate insiders.

California Water Service Group Price Performance

Shares of NYSE:CWT traded up $0.43 during trading on Wednesday, reaching $46.47. The stock had a trading volume of 356,072 shares, compared to its average volume of 363,870. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. The business has a fifty day moving average price of $46.09 and a 200-day moving average price of $47.01. The stock has a market cap of $2.77 billion, a PE ratio of 20.29, a PEG ratio of 2.24 and a beta of 0.69. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $56.25.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.25. The firm had revenue of $264.95 million for the quarter, compared to analyst estimates of $238.20 million. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%.The business's revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. On average, equities analysts forecast 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 announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were given a $0.30 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. California Water Service Group's payout ratio is currently 52.40%.

Analyst Upgrades and Downgrades

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

California Water Service Group Company Profile

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.