Wells Fargo & Company MN lessened its position in California Water Service Group (NYSE:CWT) by 13.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 166,731 shares of the utilities provider’s stock after selling 25,424 shares during the quarter. Wells Fargo & Company MN owned 0.35% of California Water Service Group worth $8,441,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Everence Capital Management Inc. increased its stake in California Water Service Group by 26.6% in the second quarter. Everence Capital Management Inc. now owns 11,000 shares of the utilities provider’s stock valued at $557,000 after acquiring an additional 2,310 shares during the last quarter. Enterprise Trust & Investment Co bought a new position in shares of California Water Service Group during the second quarter valued at about $137,000. Independent Advisor Alliance grew its stake in shares of California Water Service Group by 49.5% during the first quarter. Independent Advisor Alliance now owns 14,067 shares of the utilities provider’s stock valued at $764,000 after buying an additional 4,658 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of California Water Service Group by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 18,616 shares of the utilities provider’s stock valued at $1,010,000 after buying an additional 336 shares during the last quarter. Finally, AlphaCrest Capital Management LLC bought a new position in shares of California Water Service Group during the first quarter valued at about $456,000. 76.30% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CWT traded up $0.05 on Friday, reaching $54.36. 2,439 shares of the company traded hands, compared to its average volume of 211,972. The business’s 50-day simple moving average is $54.57 and its 200 day simple moving average is $52.08. California Water Service Group has a 52 week low of $40.10 and a 52 week high of $57.48. The stock has a market capitalization of $2.55 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 3.98 and a beta of 0.29. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 1.12.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.02). The firm had revenue of $179.03 million for the quarter, compared to analysts’ expectations of $180.97 million. California Water Service Group had a return on equity of 8.21% and a net margin of 8.55%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 earnings per share. Sell-side analysts expect that California Water Service Group will post 1.33 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were issued a dividend of $0.198 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.79 dividend on an annualized basis and a dividend yield of 1.46%. California Water Service Group’s dividend payout ratio is currently 58.09%.

A number of brokerages have recently issued reports on CWT. Wells Fargo & Co reaffirmed a “hold” rating on shares of California Water Service Group in a research note on Monday, June 10th. Boenning Scattergood began coverage on California Water Service Group in a research note on Monday, June 10th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.50.

In other news, Director Peter C. Nelson sold 10,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $55.54, for a total transaction of $555,400.00. Following the completion of the sale, the director now directly owns 24,332 shares in the company, valued at $1,351,399.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard P. Magnuson sold 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $56.73, for a total transaction of $1,134,600.00. Following the sale, the director now owns 51,344 shares of the company’s stock, valued at $2,912,745.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,000 shares of company stock valued at $1,742,260. 0.99% of the stock is currently owned by company insiders.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.

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

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