California Water Service Group (NYSE:CWT) Sets New 52-Week High Following Dividend Announcement

California Water Service Group (NYSE:CWT)’s stock price reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $51.02 and last traded at $50.64, with a volume of 487261 shares trading hands. The stock had previously closed at $50.47.

The newly announced dividend which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 12th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.37%. California Water Service Group’s payout ratio is presently 36.70%.

Analyst Upgrades and Downgrades

CWT has been the topic of a number of analyst reports. Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $56.00 to $52.00 in a research note on Tuesday, January 7th. Seaport Res Ptn upgraded California Water Service Group from a “hold” rating to a “strong-buy” rating in a report on Friday, April 11th. Finally, StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a report on Friday, April 11th.

California Water Service Group Price Performance

The company’s 50 day simple moving average is $48.05 and its 200 day simple moving average is $47.90. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a market cap of $3.01 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.46 and a beta of 0.56.

California Water Service Group (NYSE:CWT) last released its quarterly earnings data 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 firm had revenue of $222.20 million during the quarter, compared to the consensus estimate of $216.37 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. During the same quarter in the prior year, the company earned $0.52 EPS. As a group, equities analysts forecast that California Water Service Group will post 3.15 earnings per share for the current year.

Institutional Investors Weigh In On California Water Service Group

Several large investors have recently modified their holdings of the business. Versant Capital Management Inc lifted its holdings in shares of California Water Service Group by 751.3% during the 1st quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 601 shares in the last quarter. Parkworth Wealth Management Inc. acquired a new stake in California Water Service Group during the 4th quarter worth approximately $50,000. Sterling Capital Management LLC lifted its stake in California Water Service Group by 785.8% in the fourth quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider’s stock valued at $65,000 after buying an additional 1,273 shares in the last quarter. Mather Group LLC. acquired a new position in shares of California Water Service Group in the first quarter valued at approximately $74,000. Finally, Putney Financial Group LLC bought a new stake in shares of California Water Service Group during the fourth quarter worth $78,000. 82.78% of the stock is currently owned by institutional investors.

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.