TD Asset Management Inc Lowers Stake in 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 holdings in shares of American States Water Company (NYSE:AWR - Free Report) by 14.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (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 approximately 0.12% of American States Water worth $3,729,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ grew its position in American States Water by 76.4% in the 1st 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 in the last quarter. Cetera Investment Advisers grew its position in American States Water by 2.6% in the 1st quarter. Cetera Investment Advisers now owns 14,460 shares of the utilities provider's stock worth $1,138,000 after purchasing an additional 371 shares in the last quarter. Legato Capital Management LLC grew its position in American States Water by 48.7% in the 1st quarter. Legato Capital Management LLC now owns 9,291 shares of the utilities provider's stock worth $731,000 after purchasing an additional 3,041 shares in the last quarter. KLP Kapitalforvaltning AS grew its position in American States Water by 51.2% in the 1st quarter. KLP Kapitalforvaltning AS now owns 12,400 shares of the utilities provider's stock worth $976,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in American States Water in the 1st quarter worth about $345,000. 75.24% of the stock is owned by institutional investors.

Insider Transactions at American States Water

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

American States Water Stock Performance

Shares of AWR stock traded down $0.91 during trading on Tuesday, reaching $74.57. 268,964 shares of the company's stock traded hands, compared to its average volume of 226,034. The company has a market capitalization of $2.87 billion, a P/E ratio of 22.94, a PEG ratio of 4.02 and a beta of 0.62. 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 firm's 50-day moving average is $76.66 and its 200 day moving average is $76.89. American States Water Company has a 1 year low of $70.29 and a 1 year high of $87.50.

American States Water (NYSE:AWR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $0.70 EPS for the quarter, meeting analysts' consensus estimates of $0.70. American States Water had a net margin of 20.22% and a return on equity of 13.45%. The company had revenue of $148.01 million for the quarter, compared to analysts' expectations of $142.00 million. During the same period in the prior year, the company posted $0.62 EPS. American States Water's revenue was up 9.4% compared to the same quarter last year. Equities research analysts expect that American States Water Company will post 3.34 EPS for the current year.

American States Water Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Friday, August 15th will be paid a $0.504 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.02 annualized dividend and a yield of 2.7%. This is a boost from American States Water's previous quarterly dividend of $0.47. American States Water's dividend payout ratio is currently 61.85%.

Analyst Ratings Changes

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

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.