California Water Service Group (NYSE:CWT) Stock Holdings Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in California Water Service Group (NYSE:CWT) by 82.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,896 shares of the utilities provider’s stock after selling 40,965 shares during the period. Allspring Global Investments Holdings LLC’s holdings in California Water Service Group were worth $403,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of CWT. Blue Trust Inc. lifted its stake in California Water Service Group by 255.6% during the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after buying an additional 363 shares in the last quarter. Old Port Advisors bought a new stake in shares of California Water Service Group in the third quarter valued at approximately $202,000. Boston Family Office LLC bought a new stake in shares of California Water Service Group in the third quarter valued at approximately $210,000. CIBC Asset Management Inc bought a new position in California Water Service Group in the third quarter worth $219,000. Finally, Aigen Investment Management LP bought a new position in California Water Service Group in the third quarter worth $227,000. 82.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CWT shares. Bank of America started coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 price objective for the company. Wells Fargo & Company upgraded California Water Service Group from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $56.00 to $52.00 in a report on Tuesday, January 7th. Finally, StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.25.

California Water Service Group Trading Up 0.8 %

Shares of California Water Service Group stock opened at $46.12 on Tuesday. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.46 and a beta of 0.52. The business has a fifty day simple moving average of $44.80 and a two-hundred day simple moving average of $49.75. California Water Service Group has a 1 year low of $41.64 and a 1 year high of $56.25. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60.

California Water Service Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Monday, February 10th. This is a boost from California Water Service Group’s previous quarterly dividend of $0.28. California Water Service Group’s payout ratio is currently 34.68%.

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.