Cibc World Markets Corp Buys Shares of 5,578 California Water Service Group (NYSE:CWT)

Cibc World Markets Corp purchased a new position in shares of California Water Service Group (NYSE:CWT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,578 shares of the utilities provider’s stock, valued at approximately $253,000.

Several other hedge funds also recently modified their holdings of CWT. Natixis Advisors LLC raised its stake in California Water Service Group by 6.5% during the 3rd quarter. Natixis Advisors LLC now owns 11,109 shares of the utilities provider’s stock valued at $602,000 after purchasing an additional 682 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of California Water Service Group by 31.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 28,031 shares of the utilities provider’s stock worth $1,520,000 after purchasing an additional 6,735 shares during the period. Intech Investment Management LLC acquired a new position in shares of California Water Service Group during the third quarter valued at about $585,000. Charles Schwab Investment Management Inc. grew its position in California Water Service Group by 7.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 710,958 shares of the utilities provider’s stock worth $38,548,000 after buying an additional 48,055 shares in the last quarter. Finally, Citigroup Inc. increased its stake in California Water Service Group by 78.8% during the third quarter. Citigroup Inc. now owns 72,207 shares of the utilities provider’s stock valued at $3,915,000 after acquiring an additional 31,831 shares during the period. 82.78% of the stock is owned by institutional investors.

California Water Service Group Trading Down 0.9 %

CWT stock opened at $45.48 on Wednesday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. The firm has a market cap of $2.71 billion, a P/E ratio of 13.14, a P/E/G ratio of 0.46 and a beta of 0.49. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $56.25. The business’s 50 day moving average is $45.53 and its 200-day moving average is $48.62.

California Water Service Group (NYSE:CWT) last released its quarterly earnings data on Thursday, February 27th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.05). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company had revenue of $222.20 million for the quarter, compared to analyst estimates of $216.37 million. During the same quarter in the prior year, the company earned $0.52 earnings per share. Equities analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Monday, February 10th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.64%. This is a boost from California Water Service Group’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, February 10th. California Water Service Group’s dividend payout ratio is currently 36.70%.

Wall Street Analyst Weigh In

CWT has been the subject of a number of research reports. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $56.00 to $52.00 in a research report on Tuesday, January 7th. Finally, Bank of America began coverage on shares of California Water Service Group in a report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.25.

About California Water Service Group

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.