California Water Service Group $CWT Shares Purchased by Hsbc Holdings PLC

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 boosted its holdings in California Water Service Group (NYSE:CWT - Free Report) by 61.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 16,962 shares of the utilities provider's stock after buying an additional 6,463 shares during the period. Hsbc Holdings PLC's holdings in California Water Service Group were worth $826,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its holdings in California Water Service Group by 2.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the utilities provider's stock valued at $524,000 after buying an additional 272 shares during the period. Choreo LLC raised its holdings in California Water Service Group by 6.6% in the first quarter. Choreo LLC now owns 4,766 shares of the utilities provider's stock valued at $231,000 after buying an additional 294 shares during the period. Kovitz Investment Group Partners LLC raised its holdings in California Water Service Group by 1.0% in the first quarter. Kovitz Investment Group Partners LLC now owns 38,438 shares of the utilities provider's stock valued at $1,863,000 after buying an additional 373 shares during the period. California State Teachers Retirement System raised its holdings in California Water Service Group by 0.8% in the fourth quarter. California State Teachers Retirement System now owns 55,060 shares of the utilities provider's stock valued at $2,496,000 after buying an additional 418 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in California Water Service Group by 8.9% in the first quarter. PNC Financial Services Group Inc. now owns 7,075 shares of the utilities provider's stock valued at $343,000 after acquiring an additional 577 shares in the last quarter. Hedge funds and other institutional investors own 82.78% of the company's stock.

California Water Service Group Stock Up 0.6%

Shares of NYSE:CWT traded up $0.27 during midday trading on Friday, reaching $46.96. The company had a trading volume of 37,180 shares, compared to its average volume of 361,378. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.50. The stock's fifty day moving average price is $46.14 and its 200-day moving average price is $47.02. The stock has a market capitalization of $2.80 billion, a P/E ratio of 20.49, a PEG ratio of 2.22 and a beta of 0.69. California Water Service Group has a one year low of $41.64 and a one 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 business had revenue of $264.95 million during the quarter, compared to analyst estimates of $238.20 million. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The business's revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Equities research analysts expect that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, August 11th. California Water Service Group's payout ratio is 52.40%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CWT shares. 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. Wells Fargo & Company lowered their price objective on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $56.00.

Insider Activity

In related news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $46.51, for a total value of $55,812.00. Following the completion of the sale, the director owned 26,349 shares in the company, valued at approximately $1,225,491.99. The trade was a 4.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.77% of the company's stock.

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.