Victory Capital Management Inc. Sells 87,621 Shares of California Water Service Group (NYSE:CWT)

Victory Capital Management Inc. decreased its holdings in shares of California Water Service Group (NYSE:CWT) by 30.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,471 shares of the utilities provider’s stock after selling 87,621 shares during the period. Victory Capital Management Inc. owned 0.34% of California Water Service Group worth $10,924,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CWT. Blue Trust Inc. boosted its position in shares of California Water Service Group by 255.6% during the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of California Water Service Group by 109.9% during the 2nd quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 431 shares in the last quarter. CWM LLC boosted its position in shares of California Water Service Group by 90.8% during the 2nd quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 642 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of California Water Service Group during the 2nd quarter valued at about $85,000. Finally, nVerses Capital LLC bought a new position in California Water Service Group in the third quarter worth approximately $119,000. Institutional investors own 82.78% of the company’s stock.

California Water Service Group Stock Performance

Shares of California Water Service Group stock opened at $51.08 on Thursday. The company has a market cap of $3.04 billion, a PE ratio of 14.76 and a beta of 0.49. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $56.25. The business has a 50 day moving average price of $52.54 and a 200-day moving average price of $51.87. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.02). The company had revenue of $299.60 million during the quarter, compared to analysts’ expectations of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period last year, the company earned $0.60 earnings per share. Equities analysts anticipate that California Water Service Group will post 3.29 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is presently 32.37%.

Analyst Ratings Changes

Separately, Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $50.00 to $57.00 in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $53.67.

Insider Transactions at California Water Service Group

In related news, Director Thomas M. Krummel sold 555 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total transaction of $30,574.95. Following the completion of the sale, the director now directly owns 21,951 shares of the company’s stock, valued at approximately $1,209,280.59. This trade represents a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.73% of the company’s stock.

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.