Rhumbline Advisers Decreases Stock Position in California Water Service Group (NYSE:CWT)

Rhumbline Advisers decreased its position in shares of California Water Service Group (NYSE:CWT) by 5.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 195,876 shares of the utilities provider’s stock after selling 10,313 shares during the period. Rhumbline Advisers owned about 0.33% of California Water Service Group worth $8,879,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CWT. Blue Trust Inc. grew its stake in shares of 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 acquiring an additional 363 shares in the last quarter. Old Port Advisors purchased a new position in California Water Service Group in the third quarter valued at about $202,000. Asset Planning Inc acquired a new stake in California Water Service Group during the 4th quarter valued at approximately $204,000. Boston Family Office LLC purchased a new stake in California Water Service Group during the 3rd quarter worth approximately $210,000. Finally, CIBC Asset Management Inc acquired a new position in shares of California Water Service Group in the 3rd quarter valued at approximately $219,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

California Water Service Group Stock Performance

Shares of CWT opened at $46.12 on Tuesday. The stock has a market capitalization of $2.74 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 0.46 and a beta of 0.52. The business’s fifty day moving average price is $44.80 and its 200 day moving average price is $49.75. 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 has a 12-month low of $41.64 and a 12-month high of $56.25.

California Water Service Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were given a $0.30 dividend. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. 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. California Water Service Group’s dividend payout ratio (DPR) is presently 34.68%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CWT. StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Bank of America started coverage on shares of 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. Finally, Wells Fargo & Company upgraded shares of 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.25.

California Water Service Group 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.