PNC Financial Services Group Inc. trimmed its stake in California Water Service Group (NYSE:CWT – Free Report) by 8.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 13,939 shares of the utilities provider’s stock after selling 1,206 shares during the quarter. PNC Financial Services Group Inc.’s holdings in California Water Service Group were worth $723,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in CWT. Invesco Ltd. lifted its stake in California Water Service Group by 28.2% in the third quarter. Invesco Ltd. now owns 1,096,314 shares of the utilities provider’s stock valued at $51,867,000 after buying an additional 240,944 shares during the last quarter. Mariner LLC raised its stake in shares of California Water Service Group by 51.7% during the third quarter. Mariner LLC now owns 32,600 shares of the utilities provider’s stock valued at $1,542,000 after purchasing an additional 11,107 shares in the last quarter. Northern Trust Corp raised its stake in shares of California Water Service Group by 4.4% during the third quarter. Northern Trust Corp now owns 1,024,905 shares of the utilities provider’s stock valued at $48,488,000 after purchasing an additional 43,285 shares in the last quarter. Natixis Advisors L.P. bought a new stake in shares of California Water Service Group during the third quarter valued at about $477,000. Finally, Glenmede Trust Co. NA bought a new stake in shares of California Water Service Group during the third quarter valued at about $234,000. 82.78% of the stock is currently owned by institutional investors.
California Water Service Group Price Performance
Shares of California Water Service Group stock opened at $48.15 on Wednesday. The company has a current ratio of 0.56, a quick ratio of 0.52 and a debt-to-equity ratio of 0.72. The company’s 50-day moving average price is $49.36 and its two-hundred day moving average price is $48.29. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $54.85. The stock has a market cap of $2.78 billion, a PE ratio of 19.26 and a beta of 0.48.
California Water Service Group (NYSE:CWT – Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $0.21 by $1.00. California Water Service Group had a net margin of 15.42% and a return on equity of 10.09%. The firm had revenue of $270.75 million for the quarter, compared to analysts’ expectations of $183.85 million. During the same period in the previous year, the business earned ($0.40) earnings per share. California Water Service Group’s revenue for the quarter was up 106.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that California Water Service Group will post 3.15 EPS for the current fiscal year.
California Water Service Group Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Friday, May 3rd. California Water Service Group’s dividend payout ratio (DPR) is presently 44.80%.
Insider Buying and Selling
In related news, Director Thomas M. Krummel sold 2,220 shares of California Water Service Group stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the transaction, the director now owns 23,873 shares of the company’s stock, valued at approximately $1,193,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $53.26, for a total value of $29,559.30. Following the transaction, the director now owns 23,318 shares of the company’s stock, valued at approximately $1,241,916.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas M. Krummel sold 2,220 shares of California Water Service Group stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the completion of the transaction, the director now directly owns 23,873 shares in the company, valued at approximately $1,193,650. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on CWT shares. StockNews.com upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Robert W. Baird lifted their price objective on shares of California Water Service Group from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Finally, UBS Group upgraded shares of California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price objective on the stock in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $54.25.
View Our Latest Research Report on California Water Service Group
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.
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Source: defenseworld.net
