California Water Service Group (NYSE:CWT) Increases Dividend to $0.30 Per Share

California Water Service Group (NYSE:CWT - Get Free Report) declared a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Stockholders of record on Monday, February 10th will be given a dividend of 0.30 per share by the utilities provider on Friday, February 21st. This represents a $1.20 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Monday, February 10th. This is an increase from California Water Service Group's previous quarterly dividend of $0.28.

California Water Service Group has raised its dividend by an average of 6.8% per year over the last three years and has increased its dividend annually for the last 23 consecutive years. California Water Service Group has a dividend payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect California Water Service Group to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 48.3%.

California Water Service Group Stock Performance

California Water Service Group stock traded up $0.04 during mid-day trading on Monday, hitting $45.33. 457,898 shares of the company's stock traded hands, compared to its average volume of 368,633. California Water Service Group has a one year low of $41.64 and a one year high of $56.25. The company has a market cap of $2.70 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 0.46 and a beta of 0.52. The firm has a 50 day moving average price of $46.11 and a 200 day moving average price of $50.58. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

Analyst Ratings Changes

A number of analysts have recently weighed in on CWT shares. Bank of America assumed coverage on California Water Service Group in a research note on Wednesday, December 11th. They issued a "buy" rating and a $57.00 target price for the company. StockNews.com lowered California Water Service Group from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Wells Fargo & Company upgraded California Water Service Group from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $56.00 to $52.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $53.25.

Insider Activity at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the firm's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares of the company's stock, valued at approximately $1,048,231. This trade represents a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.73% of the stock is currently owned by insiders.

California Water Service Group Company Profile

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.