Abacus Wealth Partners LLC Takes Position in California Water Service Group (NYSE:CWT)

Abacus Wealth Partners LLC purchased a new stake in California Water Service Group (NYSE:CWTFree Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 4,359 shares of the utilities provider’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. AdvisorNet Financial Inc lifted its holdings in shares of California Water Service Group by 42.2% in the 4th quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after buying an additional 220 shares during the period. Magellan Asset Management Ltd grew its position in shares of California Water Service Group by 1.1% in the third quarter. Magellan Asset Management Ltd now owns 38,115 shares of the utilities provider’s stock valued at $1,803,000 after purchasing an additional 423 shares in the last quarter. Maryland State Retirement & Pension System grew its position in shares of California Water Service Group by 0.6% in the fourth quarter. Maryland State Retirement & Pension System now owns 69,575 shares of the utilities provider’s stock valued at $3,609,000 after purchasing an additional 442 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in California Water Service Group by 11.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 4,662 shares of the utilities provider’s stock valued at $242,000 after acquiring an additional 481 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in California Water Service Group by 2.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 23,992 shares of the utilities provider’s stock valued at $1,244,000 after acquiring an additional 493 shares during the last quarter. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at California Water Service Group

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were 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 in the company, valued at approximately $1,241,916.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other California Water Service Group news, Director Thomas M. Krummel sold 2,220 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $50.00, for a total value of $111,000.00. Following the sale, the director now owns 23,873 shares in the company, valued at $1,193,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $53.26, for a total transaction of $29,559.30. Following the completion of the sale, the director now owns 23,318 shares in the company, valued at approximately $1,241,916.68. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

CWT has been the topic of a number of research reports. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Robert W. Baird increased their price objective on 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 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 given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $54.25.

View Our Latest Stock Analysis on California Water Service Group

California Water Service Group Stock Performance

NYSE:CWT traded up $0.16 during mid-day trading on Thursday, reaching $48.08. The stock had a trading volume of 187,825 shares, compared to its average volume of 355,267. The business has a 50 day simple moving average of $49.10 and a 200 day simple moving average of $48.45. California Water Service Group has a twelve month low of $43.50 and a twelve month high of $54.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.52 and a current ratio of 0.56. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 19.23 and a beta of 0.48.

California Water Service Group (NYSE:CWTGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The utilities provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $1.00. The business had revenue of $270.75 million during the quarter, compared to analysts’ expectations of $183.85 million. California Water Service Group had a net margin of 15.42% and a return on equity of 10.09%. The company’s revenue was up 106.5% on a year-over-year basis. During the same period last year, the company posted ($0.40) EPS. On average, analysts expect that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. California Water Service Group’s payout ratio is 44.80%.

California Water Service Group Company Profile

(Free Report)

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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Institutional Ownership by Quarter for California Water Service Group (NYSE:CWT)

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