California Water Service Group (NYSE:CWT) Stake Raised by Swiss National Bank

Swiss National Bank increased its holdings in California Water Service Group (NYSE:CWT) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 115,700 shares of the utilities provider’s stock after purchasing an additional 2,900 shares during the quarter. Swiss National Bank’s holdings in California Water Service Group were worth $5,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in shares of California Water Service Group by 21.2% during the 4th quarter. Bank of New York Mellon Corp now owns 634,179 shares of the utilities provider’s stock worth $28,747,000 after buying 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 fourth quarter valued at approximately $4,704,000. Barclays PLC raised its holdings in California Water Service Group by 135.8% during the third quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock worth $6,486,000 after purchasing an additional 68,914 shares in the last quarter. JPMorgan Chase & Co. lifted its position in California Water Service Group by 55.7% in the third quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock worth $8,765,000 after purchasing an additional 57,811 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 purchasing an additional 48,055 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors and hedge funds.

California Water Service Group Stock Performance

CWT opened at $45.91 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The firm has a market cap of $2.73 billion, a PE ratio of 13.27, a P/E/G ratio of 0.46 and a beta of 0.49. The business has a fifty day simple moving average of $45.48 and a 200-day simple moving average of $48.69. California Water Service Group has a fifty-two week low of $41.64 and a fifty-two week high of $56.25.

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 company had revenue of $222.20 million during 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 business posted $0.52 EPS. As a group, equities analysts predict that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Monday, February 10th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend was Monday, February 10th. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. California Water Service Group’s dividend payout ratio is 36.70%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CWT. Bank of America initiated coverage on California Water Service Group in a research note on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price objective on the stock. StockNews.com upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research 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 reduced their price objective for the company 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.