Northern Trust Corp Decreases Stock Position in California Water Service Group $CWT

Key Points

• Northern Trust Corp reduced its stake in California Water Service Group by 0.7%, now holding approximately 1.63% of the company valued at about $47.1 million following the sale of 6,661 shares.
• California Water Service Group reported a quarterly earnings per share (EPS) of $0.71, exceeding analysts' expectations of $0.46, with revenues reaching $264.95 million, up 8.5% year-over-year.
• The company declared a quarterly dividend of $0.30, yielding 2.5% annually, with a payout ratio of 52.4%, demonstrating solid returns for shareholders.

Northern Trust Corp lowered its holdings in California Water Service Group (NYSE:CWT - Free Report) by 0.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 972,477 shares of the utilities provider's stock after selling 6,661 shares during the quarter. Northern Trust Corp owned 1.63% of California Water Service Group worth $47,126,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CWT. Nuance Investments LLC raised its stake in shares of California Water Service Group by 35.4% during the 1st quarter. Nuance Investments LLC now owns 2,017,511 shares of the utilities provider's stock worth $97,769,000 after buying an additional 527,343 shares during the last quarter. Nuveen LLC acquired a new position in shares of California Water Service Group during the 1st quarter worth $21,562,000. Raymond James Financial Inc. raised its stake in shares of California Water Service Group by 204.2% during the 1st quarter. Raymond James Financial Inc. now owns 315,685 shares of the utilities provider's stock worth $15,298,000 after buying an additional 211,914 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of California Water Service Group during the 1st quarter worth $5,461,000. Finally, Victory Capital Management Inc. raised its stake in California Water Service Group by 39.7% in the 1st quarter. Victory Capital Management Inc. now owns 255,232 shares of the utilities provider's stock valued at $12,369,000 after purchasing an additional 72,519 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CWT shares. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company cut their target price on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $56.00.

Insider Transactions at California Water Service Group

In related news, Director Lester A. Snow sold 1,200 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the sale, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.73% of the company's stock.

California Water Service Group Trading Down 0.7%

Shares of NYSE CWT traded down $0.33 on Tuesday, reaching $46.60. 31,769 shares of the company traded hands, compared to its average volume of 361,590. California Water Service Group has a fifty-two week low of $41.64 and a fifty-two week high of $56.25. The company has a 50 day moving average of $46.10 and a 200 day moving average of $47.02. 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 has a market capitalization of $2.78 billion, a PE ratio of 20.36, a P/E/G ratio of 2.24 and a beta of 0.69.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.71 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $238.20 million. During the same quarter in the prior year, the company posted $0.70 EPS. The company's quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts forecast that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was 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.