Skandinaviska Enskilda Banken AB publ Makes New $1.58 Million Investment in California Water Service Group (NYSE:CWT)

Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of California Water Service Group (NYSE:CWT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 34,639 shares of the utilities provider's stock, valued at approximately $1,582,000. Skandinaviska Enskilda Banken AB publ owned 0.06% of California Water Service Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its position in California Water Service Group by 0.7% in the fourth quarter. State of Alaska Department of Revenue now owns 33,800 shares of the utilities provider's stock worth $1,532,000 after purchasing an additional 231 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of California Water Service Group by 8.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,026 shares of the utilities provider's stock valued at $273,000 after acquiring an additional 390 shares during the last quarter. Louisiana State Employees Retirement System grew its position in California Water Service Group by 1.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the utilities provider's stock worth $1,306,000 after acquiring an additional 400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in California Water Service Group by 0.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,767 shares of the utilities provider's stock worth $3,512,000 after acquiring an additional 407 shares during the last quarter. Finally, Arizona State Retirement System raised its position in California Water Service Group by 2.6% during the fourth quarter. Arizona State Retirement System now owns 17,068 shares of the utilities provider's stock valued at $774,000 after purchasing an additional 438 shares during the period. 82.78% of the stock is currently owned by institutional investors.

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California Water Service Group Trading Down 0.4 %

Shares of NYSE CWT traded down $0.20 during mid-day trading on Friday, reaching $46.01. The company had a trading volume of 1,086,992 shares, compared to its average volume of 311,122. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 0.46 and a beta of 0.49. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25. The business's 50-day moving average is $45.32 and its 200-day moving average is $48.90. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its earnings results on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.05). The company had revenue of $222.20 million for the quarter, compared to analysts' expectations of $216.37 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. During the same period last year, the business posted $0.52 earnings per share. Equities analysts expect that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Monday, February 10th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.61%. This is a positive change from California Water Service Group's previous quarterly dividend of $0.28. The ex-dividend date was Monday, February 10th. California Water Service Group's dividend payout ratio (DPR) is presently 36.70%.

Wall Street Analysts Forecast Growth

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