Principal Financial Group Inc. Purchases 11,328 Shares of California Water Service Group (NYSE:CWT)

Principal Financial Group Inc. raised its holdings in shares of California Water Service Group (NYSE:CWT) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 288,923 shares of the utilities provider’s stock after buying an additional 11,328 shares during the period. Principal Financial Group Inc.’s holdings in California Water Service Group were worth $13,097,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CWT. Blue Trust Inc. boosted its position in California Water Service Group by 255.6% during the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after buying an additional 363 shares during the period. Old Port Advisors purchased a new stake in California Water Service Group during the third quarter valued at about $202,000. Asset Planning Inc purchased a new stake in California Water Service Group during the fourth quarter valued at about $204,000. Boston Family Office LLC purchased a new stake in California Water Service Group during the third quarter valued at about $210,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of California Water Service Group during the third quarter worth about $219,000. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CWT shares. Bank of America started coverage on shares of California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price for the company. StockNews.com upgraded 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 upgraded shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $56.00 to $52.00 in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to 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 Price Performance

CWT stock opened at $45.86 on Thursday. California Water Service Group has a 1 year low of $41.64 and a 1 year high of $56.25. The company has a market cap of $2.73 billion, a P/E ratio of 13.25, a PEG ratio of 0.46 and a beta of 0.52. The firm has a 50-day moving average of $44.78 and a 200 day moving average of $49.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60.

California Water Service Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Monday, February 10th were paid a $0.30 dividend. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend was Monday, February 10th. California Water Service Group’s dividend payout ratio is presently 34.68%.

California Water Service Group Company 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.