Virtu Financial LLC Takes Position in California Water Service Group (NYSE:CWT)

Virtu Financial LLC purchased a new position in shares of California Water Service Group (NYSE:CWT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,423 shares of the utilities provider’s stock, valued at approximately $200,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp boosted its position in California Water Service Group by 21.2% during the fourth quarter. Bank of New York Mellon Corp now owns 634,179 shares of the utilities provider’s stock worth $28,747,000 after purchasing an additional 110,962 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of California Water Service Group during the 4th quarter worth $4,704,000. Barclays PLC boosted its position in shares of California Water Service Group by 135.8% in the 3rd quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock worth $6,486,000 after buying an additional 68,914 shares in the last quarter. JPMorgan Chase & Co. grew its stake in California Water Service Group by 55.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock valued at $8,765,000 after acquiring an additional 57,811 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in California Water Service Group by 7.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 710,958 shares of the utilities provider’s stock valued at $38,548,000 after acquiring an additional 48,055 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, February 8th. Bank of America assumed coverage on California Water Service Group in a research note 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 report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.25.

California Water Service Group Stock Performance

Shares of CWT opened at $48.26 on Friday. California Water Service Group has a 1 year low of $41.64 and a 1 year high of $56.25. The company’s 50 day simple moving average is $45.69 and its 200 day simple moving average is $48.51. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.46 and a beta of 0.49. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.05). The business had revenue of $222.20 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $0.52 EPS. On average, sell-side analysts predict that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Monday, February 10th were issued a $0.30 dividend. This is a boost from California Water Service Group’s previous quarterly dividend of $0.28. The ex-dividend date was Monday, February 10th. This represents a $1.20 annualized dividend and a yield of 2.49%. California Water Service Group’s payout ratio is 36.70%.

About California Water Service Group

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.