California Water Service Group (NYSE:CWT) Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its holdings in California Water Service Group (NYSE:CWT) by 6.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,724 shares of the utilities provider’s stock after purchasing an additional 1,270 shares during the quarter. Handelsbanken Fonder AB’s holdings in California Water Service Group were worth $939,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Barclays PLC lifted its position in California Water Service Group by 135.8% during the 3rd quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock worth $6,486,000 after acquiring an additional 68,914 shares during the period. Arjuna Capital acquired a new stake in California Water Service Group during the 3rd quarter worth about $3,724,000. JPMorgan Chase & Co. lifted its position in California Water Service Group by 55.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock worth $8,765,000 after acquiring an additional 57,811 shares during the period. Charles Schwab Investment Management Inc. lifted its position 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 worth $38,548,000 after acquiring an additional 48,055 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position 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 acquiring an additional 45,825 shares during the period. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Price Performance

Shares of California Water Service Group stock opened at $45.04 on Friday. 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 twelve month low of $41.64 and a twelve month high of $56.25. The business has a 50-day moving average price of $44.76 and a 200 day moving average price of $49.65. The firm has a market cap of $2.68 billion, a PE ratio of 13.02, a P/E/G ratio of 0.46 and a beta of 0.52.

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

California Water Service Group Increases Dividend

The firm 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 represents a $1.20 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Monday, February 10th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.28. California Water Service Group’s payout ratio is currently 34.68%.

Wall Street Analysts Forecast Growth

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

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.