US Bancorp DE Lowers Stock Position in California Water Service Group (NYSE:CWT)

US Bancorp DE decreased its position in California Water Service Group (NYSE:CWT) by 15.8% in the third quarter, Holdings Channel reports. The institutional investor owned 5,337 shares of the utilities provider’s stock after selling 1,000 shares during the period. US Bancorp DE’s holdings in California Water Service Group were worth $289,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Wulff Hansen & CO. grew its position in shares of California Water Service Group by 4,565.4% during the 2nd quarter. Wulff Hansen & CO. now owns 1,053,688 shares of the utilities provider’s stock valued at $51,093,000 after acquiring an additional 1,031,103 shares during the period. Vanguard Group Inc. boosted its position in California Water Service Group by 3.3% during the first quarter. Vanguard Group Inc. now owns 7,198,981 shares of the utilities provider’s stock worth $334,609,000 after purchasing an additional 232,344 shares in the last quarter. Zimmer Partners LP acquired a new stake in California Water Service Group in the first quarter valued at approximately $7,957,000. Assenagon Asset Management S.A. purchased a new stake in shares of California Water Service Group in the second quarter valued at approximately $6,823,000. Finally, Marshall Wace LLP raised its stake in shares of California Water Service Group by 354.9% during the 2nd quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider’s stock worth $3,727,000 after buying an additional 59,956 shares during the period. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Stock Performance

Shares of NYSE:CWT opened at $50.40 on Thursday. The business’s 50 day moving average price is $52.88 and its 200-day moving average price is $51.82. California Water Service Group has a 1 year low of $43.50 and a 1 year high of $56.25. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. The firm has a market capitalization of $3.00 billion, a PE ratio of 14.57 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. During the same quarter last year, the company earned $0.60 earnings per share. California Water Service Group’s quarterly revenue was up 17.5% on a year-over-year basis. As a group, equities research analysts expect that California Water Service Group will post 3.31 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, November 12th will be issued a $0.28 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. California Water Service Group’s dividend payout ratio is presently 32.37%.

Insider Buying and Selling

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total value of $30,574.95. Following the completion of the sale, the director now directly owns 21,951 shares in the company, valued at $1,209,280.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Wells Fargo & Company raised shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $50.00 to $57.00 in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $53.67.

California Water Service Group Profile

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.