California Water Service Group (NYSE:CWT) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of California Water Service Group (NYSE:CWT - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 634,179 shares of the utilities provider's stock after purchasing an additional 110,962 shares during the quarter. Bank of New York Mellon Corp owned 1.07% of California Water Service Group worth $28,747,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CWT. Ieq Capital LLC bought a new stake in shares of California Water Service Group during the fourth quarter worth $202,000. Asset Planning Inc purchased a new position in shares of California Water Service Group during the fourth quarter valued at $204,000. Boston Family Office LLC purchased a new position in shares of California Water Service Group during the third quarter valued at $210,000. CIBC Asset Management Inc purchased a new position in shares of California Water Service Group during the third quarter valued at $219,000. Finally, Aigen Investment Management LP purchased a new position in shares of California Water Service Group during the third quarter valued at $227,000. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Stock Performance

Shares of California Water Service Group stock traded up $1.16 on Friday, reaching $47.92. 284,958 shares of the stock were exchanged, compared to its average volume of 371,319. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.46 and a beta of 0.49. The business has a 50 day moving average price of $44.87 and a two-hundred day moving average price of $49.32. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

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California Water Service Group (NYSE:CWT - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.05). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The company had revenue of $222.20 million during the quarter, compared to analyst estimates of $216.37 million. During the same period in the previous year, the firm posted $0.52 earnings per share. 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 firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.50%. This is an increase 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 presently 36.70%.

Analyst Upgrades and Downgrades

CWT has been the topic of several research reports. Bank of America initiated coverage on California Water Service Group in a research note on Wednesday, December 11th. They set a "buy" rating and a $57.00 price target on the stock. StockNews.com upgraded 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 California Water Service Group from an "equal weight" rating to an "overweight" rating and cut their target price for the company from $56.00 to $52.00 in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, California Water Service Group currently has an average rating of "Moderate Buy" and a consensus 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.