Cibc World Markets Corp Takes $253,000 Position in California Water Service Group (NYSE:CWT)

Cibc World Markets Corp acquired a new position in California Water Service Group (NYSE:CWT) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,578 shares of the utilities provider’s stock, valued at approximately $253,000.

Other hedge funds have also recently bought and sold shares of the company. Parkworth Wealth Management Inc. acquired a new stake in shares of California Water Service Group in the fourth quarter valued at approximately $50,000. Ieq Capital LLC bought a new position in shares of California Water Service Group in the fourth quarter worth $202,000. Asset Planning Inc acquired a new position in shares of California Water Service Group during the fourth quarter valued at $204,000. Boston Family Office LLC acquired a new stake in California Water Service Group in the third quarter worth about $210,000. Finally, Aigen Investment Management LP grew its position in California Water Service Group by 18.1% in the 4th quarter. Aigen Investment Management LP now owns 4,954 shares of the utilities provider’s stock valued at $225,000 after buying an additional 760 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CWT shares. StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 8th. Bank of America began coverage on California Water Service Group in a report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 target price on the stock. Finally, Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.25.

California Water Service Group Stock Down 0.9 %

CWT stock opened at $45.48 on Wednesday. The company has a 50 day moving average of $45.53 and a two-hundred day moving average of $48.62. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 0.46 and a beta of 0.49. California Water Service Group has a 12-month low of $41.64 and a 12-month high of $56.25. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.05). The business had revenue of $222.20 million for the quarter, compared to analyst estimates of $216.37 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. During the same quarter last year, the company earned $0.52 EPS. On average, equities analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Monday, February 10th were issued a dividend of $0.30 per share. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Monday, February 10th. California Water Service Group’s dividend payout ratio is currently 36.70%.

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.