TD Asset Management Inc Sells 8,300 Shares of American States Water Company (NYSE:AWR)

Key Points

• TD Asset Management Inc reduced its stake in American States Water Company by 14.9% during the first quarter, now owning approximately $3.73 million worth of shares.
• The company announced an increase in its quarterly dividend to $0.504 per share, reflecting an annualized dividend yield of 2.7%.
• Wells Fargo upgraded American States Water from an "underweight" to "equal weight" rating, raising the price target from $76.00 to $84.00.

TD Asset Management Inc cut its stake in shares of American States Water Company (NYSE:AWR - Free Report) by 14.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,400 shares of the utilities provider's stock after selling 8,300 shares during the period. TD Asset Management Inc owned about 0.12% of American States Water worth $3,729,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of American States Water by 76.4% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 37,880 shares of the utilities provider's stock worth $2,980,000 after purchasing an additional 16,400 shares during the period. Cetera Investment Advisers grew its position in shares of American States Water by 2.6% in the 1st quarter. Cetera Investment Advisers now owns 14,460 shares of the utilities provider's stock valued at $1,138,000 after buying an additional 371 shares during the last quarter. Legato Capital Management LLC increased its stake in shares of American States Water by 48.7% in the first quarter. Legato Capital Management LLC now owns 9,291 shares of the utilities provider's stock valued at $731,000 after buying an additional 3,041 shares during the period. KLP Kapitalforvaltning AS raised its position in shares of American States Water by 51.2% during the first quarter. KLP Kapitalforvaltning AS now owns 12,400 shares of the utilities provider's stock worth $976,000 after acquiring an additional 4,200 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of American States Water in the first quarter worth approximately $345,000. 75.24% of the stock is currently owned by institutional investors.

American States Water Stock Up 0.2%

NYSE AWR traded up $0.14 on Wednesday, hitting $74.76. 71,894 shares of the company were exchanged, compared to its average volume of 224,966. American States Water Company has a 12 month low of $70.29 and a 12 month high of $87.50. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 0.83. The company has a market cap of $2.88 billion, a PE ratio of 22.99, a PEG ratio of 4.06 and a beta of 0.62. The stock has a fifty day moving average of $76.57 and a 200-day moving average of $76.87.

American States Water (NYSE:AWR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, hitting analysts' consensus estimates of $0.70. American States Water had a return on equity of 13.45% and a net margin of 20.22%. The company had revenue of $148.01 million for the quarter, compared to analyst estimates of $142.00 million. During the same period in the prior year, the firm earned $0.62 earnings per share. American States Water's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts forecast that American States Water Company will post 3.34 earnings per share for the current year.

American States Water Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be given a dividend of $0.504 per share. The ex-dividend date of this dividend is Friday, August 15th. This is a boost from American States Water's previous quarterly dividend of $0.47. This represents a $2.02 annualized dividend and a dividend yield of 2.7%. American States Water's payout ratio is presently 57.23%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised shares of American States Water from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $76.00 to $84.00 in a research report on Thursday, May 8th.

Insider Activity at American States Water

In related news, Director Thomas A. Eichelberger purchased 897 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average cost of $76.81 per share, with a total value of $68,898.57. Following the transaction, the director owned 8,467 shares of the company's stock, valued at $650,350.27. This represents a 11.85% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.83% of the stock is currently owned by insiders.

About American States Water

American States Water Company, through its subsidiaries, provides water and electric services to residential, commercial, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity.