California Water Service Group $CWT Stake Raised by ProShare Advisors LLC

ProShare Advisors LLC increased its position in shares of California Water Service Group (NYSE:CWT) by 27.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 207,828 shares of the utilities provider’s stock after buying an additional 45,099 shares during the quarter. ProShare Advisors LLC owned 0.34% of California Water Service Group worth $9,616,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its holdings in California Water Service Group by 228.2% in the 2nd quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 470 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of California Water Service Group in the 2nd quarter worth approximately $33,000. Bessemer Group Inc. grew its holdings in shares of California Water Service Group by 67.9% during the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 301 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new stake in shares of California Water Service Group during the 2nd quarter worth approximately $36,000. Finally, Kelly Lawrence W & Associates Inc. CA acquired a new stake in shares of California Water Service Group during the 2nd quarter worth approximately $49,000. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Stock Performance

NYSE:CWT opened at $49.07 on Wednesday. The firm has a market capitalization of $3.09 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 1.75 and a beta of 0.47. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 0.77. California Water Service Group has a 12-month low of $41.29 and a 12-month high of $53.82. The firm has a 50-day moving average price of $47.54 and a 200 day moving average price of $46.70.

California Water Service Group (NYSE:CWT) last released its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.11). The company had revenue of $332.17 million for the quarter, compared to analyst estimates of $332.17 million. California Water Service Group had a net margin of 12.78% and a return on equity of 7.75%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 earnings per share. Research analysts anticipate that California Water Service Group will post 2.57 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Monday, November 9th will be given a dividend of $0.3350 per share. This represents a $1.34 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Monday, November 9th. California Water Service Group’s dividend payout ratio (DPR) is 59.82%.

Insider Activity at California Water Service Group

In other California Water Service Group news, Director Thomas M. Krummel sold 3,700 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total value of $186,369.00. Following the sale, the director directly owned 20,104 shares in the company, valued at $1,012,638.48. This represents a 15.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lester A. Snow sold 500 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $50.21, for a total value of $25,105.00. Following the transaction, the director owned 17,817 shares of the company’s stock, valued at $894,591.57. This represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.78% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on CWT. Seaport Research Partners restated a “buy” rating and set a $53.00 price objective on shares of California Water Service Group in a research report on Wednesday, August 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of California Water Service Group in a research report on Monday. Wall Street Zen upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Freedom Broker upgraded shares of California Water Service Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $49.00 to $53.00 in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.50.

About California Water Service Group

California Water Service Group (NYSE:CWT) is a holding company that provides water utility services through its regulated operating subsidiaries. The company supplies clean water for residential, commercial, industrial and institutional customers, and its operations include the production, treatment, storage, distribution and delivery of water. Some of its subsidiaries also provide wastewater collection and treatment services.

The company’s principal subsidiary, California Water Service Company, serves communities throughout California.