The Manufacturers Life Insurance Company Invests $1.41 Million in California Water Service Group $CWT

Key Points

• The Manufacturers Life Insurance Company acquired 28,929 shares of California Water Service Group in the second quarter, valued at approximately $1.41 million. Institutional investors collectively own 82.78% of CWT.
• California Water Service Group exceeded quarterly expectations, reporting $0.93 in earnings per share versus the $0.80 consensus and revenue of $308.6 million, up 16.5% year over year.
• CWT pays a quarterly dividend of $0.335, equivalent to a $1.34 annualized payout and a 2.7% yield. Analysts maintain an overall “Hold” rating with a consensus price target of $54.

The Manufacturers Life Insurance Company acquired a new position in shares of California Water Service Group (NYSE:CWT - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 28,929 shares of the utilities provider's stock, valued at approximately $1,407,000.

A number of other large investors have also recently bought and sold shares of the company. Danske Bank A S acquired a new position in California Water Service Group during the third quarter worth $28,000. EverSource Wealth Advisors LLC raised its holdings in California Water Service Group by 109.9% during the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider's stock worth $32,000 after acquiring an additional 365 shares in the last quarter. Versant Capital Management Inc boosted its position in California Water Service Group by 228.2% during the second quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 470 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in California Water Service Group in the second quarter valued at approximately $33,000. Finally, Bessemer Group Inc. grew its stake in California Water Service Group by 67.9% in the first quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 301 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company's stock.

California Water Service Group Stock Performance

CWT opened at $50.48 on Friday. California Water Service Group has a 12-month low of $41.29 and a 12-month high of $53.82. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 1.78 and a beta of 0.50. The business has a 50 day moving average of $50.15 and a 200-day moving average of $46.87. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.13. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.The business had revenue of $308.60 million for the quarter, compared to analyst estimates of $283.50 million. During the same period in the previous year, the firm earned $0.71 EPS. The firm's revenue was up 16.5% compared to the same quarter last year. On average, equities research analysts expect that California Water Service Group will post 2.57 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a $0.335 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.34 annualized dividend and a dividend yield of 2.7%. California Water Service Group's dividend payout ratio is presently 60.36%.

Insider Transactions at California Water Service Group

In other California Water Service Group news, Director Lester A. Snow sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $50.21, for a total transaction of $25,105.00. Following the completion of the sale, the director directly owned 17,817 shares in the company, valued at $894,591.57. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas M. Krummel sold 3,700 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total value of $186,369.00. Following the sale, the director owned 20,104 shares of the company's stock, valued at approximately $1,012,638.48. This represents a 15.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.78% of the company's stock.

Wall Street Analysts Forecast Growth

CWT has been the topic of a number of analyst reports. Seaport Research Partners reiterated a "buy" rating and set a $53.00 price objective on shares of California Water Service Group in a research note on Wednesday, August 12th. Wall Street Zen upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Weiss Ratings raised shares of California Water Service Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $54.00.

About California Water Service Group

California Water Service Group NYSE: CWT is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.

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