Deutsche Bank AG Takes Position in California Water Service Group $CWT

Deutsche Bank AG purchased a new stake in California Water Service Group (NYSE:CWT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 88,732 shares of the utilities provider’s stock, valued at approximately $4,317,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Danske Bank A S bought a new position in California Water Service Group during the third quarter valued at approximately $28,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in California Water Service Group in the second quarter valued at approximately $33,000. Versant Capital Management Inc grew its position in California Water Service Group by 228.2% in the second quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 470 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in California Water Service Group by 109.9% in the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock worth $32,000 after acquiring an additional 365 shares in the last quarter. Finally, Bessemer Group Inc. grew its position in California Water Service Group by 67.9% in the first quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock worth $34,000 after acquiring an additional 301 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Stock Down 0.5%

CWT opened at $50.58 on Wednesday. The business has a 50 day moving average price of $49.57 and a 200 day moving average price of $46.61. California Water Service Group has a twelve month low of $41.29 and a twelve month high of $53.82. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.67 and a current ratio of 0.70. The firm has a market cap of $3.13 billion, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 1.80 and a beta of 0.50.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.80 by $0.13. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.The company had revenue of $308.60 million for the quarter, compared to the consensus estimate of $283.50 million. During the same quarter last year, the company posted $0.71 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. Research analysts forecast that California Water Service Group will post 2.57 EPS for the current year.

California Water Service Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were issued a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, August 10th. California Water Service Group’s dividend payout ratio is currently 60.36%.

Insider Activity

In related news, Director Thomas M. Krummel sold 3,700 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $50.37, for a total value of $186,369.00. Following the transaction, the director directly owned 20,104 shares in the company, valued at approximately $1,012,638.48. This trade represents a 15.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Seaport Research Partners restated a “buy” rating and set a $53.00 price target on shares of California Water Service Group in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of California Water Service Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Robert W. Baird set a $54.00 target price on shares of California Water Service Group in a research report on Friday, May 1st. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, California Water Service Group presently has an average rating of “Hold” and an average price target of $54.00.

California Water Service Group Company Profile

California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.