SJW Group (NYSE:SJW) Shares Gap Down - Here's Why

SJW Group (NYSE:SJW - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $54.69, but opened at $53.40. SJW Group shares last traded at $54.24, with a volume of 15,955 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SJW. StockNews.com upgraded shares of SJW Group from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Wells Fargo & Company boosted their price objective on shares of SJW Group from $53.00 to $57.00 and gave the company an "equal weight" rating in a report on Friday, February 28th. Finally, Bank of America raised shares of SJW Group from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $59.00 to $55.00 in a research note on Monday, February 3rd.

SJW Group Stock Performance

The stock's 50-day simple moving average is $52.71 and its 200 day simple moving average is $53.47. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.77 and a current ratio of 0.77. The company has a market capitalization of $1.80 billion, a PE ratio of 19.38, a P/E/G ratio of 3.94 and a beta of 0.58.

SJW Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 10th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Monday, February 10th. This is an increase from SJW Group's previous quarterly dividend of $0.40. SJW Group's dividend payout ratio (DPR) is currently 58.95%.

Institutional Investors Weigh In On SJW Group

Several hedge funds have recently modified their holdings of SJW. Quarry LP increased its position in SJW Group by 123.4% during the fourth quarter. Quarry LP now owns 668 shares of the utilities provider's stock worth $33,000 after buying an additional 369 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in SJW Group by 64.4% in the 4th quarter. Russell Investments Group Ltd. now owns 766 shares of the utilities provider's stock worth $38,000 after acquiring an additional 300 shares during the period. Point72 DIFC Ltd boosted its stake in shares of SJW Group by 81.4% in the third quarter. Point72 DIFC Ltd now owns 704 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 316 shares during the period. Sterling Capital Management LLC grew its stake in shares of SJW Group by 842.0% during the fourth quarter. Sterling Capital Management LLC now owns 1,055 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 943 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in SJW Group by 47.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,079 shares of the utilities provider's stock valued at $102,000 after purchasing an additional 673 shares in the last quarter. 84.29% of the stock is owned by institutional investors and hedge funds.

About SJW Group

SJW Group, through its subsidiaries, provides water utility and other related services in the United States. It operates in Water Utility Services and Real Estate Services segments. The company engages in the production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services; and supplies groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from the Santa Clara Valley Water District.