Allspring Global Investments Holdings LLC Sells 40,965 Shares of California Water Service Group (NYSE:CWT)

Allspring Global Investments Holdings LLC lessened its holdings in California Water Service Group (NYSE:CWT) by 82.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,896 shares of the utilities provider’s stock after selling 40,965 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in California Water Service Group were worth $403,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Barclays PLC boosted its holdings in shares of California Water Service Group by 135.8% during the 3rd quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock valued at $6,486,000 after acquiring an additional 68,914 shares in the last quarter. Arjuna Capital bought a new position in shares of California Water Service Group in the 3rd quarter worth about $3,724,000. JPMorgan Chase & Co. increased its position 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 buying an additional 57,811 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in California Water Service Group by 7.2% in 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 buying an additional 48,055 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in California Water Service Group by 95.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 93,769 shares of the utilities provider’s stock worth $5,084,000 after purchasing an additional 45,825 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Stock Up 0.8 %

CWT opened at $46.12 on Tuesday. The business’s fifty day simple moving average is $44.80 and its 200 day simple moving average is $49.75. 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 has a 52 week low of $41.64 and a 52 week high of $56.25. The stock has a market cap of $2.74 billion, a PE ratio of 13.33, a P/E/G ratio of 0.46 and a beta of 0.52.

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 given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.60%. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.28. The ex-dividend date was Monday, February 10th. California Water Service Group’s dividend payout ratio is presently 34.68%.

Analysts Set New Price Targets

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

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.